Treasury Secretary Janet Yellen just wrapped up a four-day visit to Beijing. She met with her Chinese counterparts. She sparked controversy for repeatedly bowing to Chinese Vice Premier He Lifeng. And when she left, Ms. Yellen declared that the meetings were productive, although they didn’t result in any breakthroughs on policy.
So what’s this really about? Why did Ms. Yellen declare it a success? China and the United States appear to be “re-establishing contact,” while the Chinese Communist Party smells blood in the water. Tensions between the two countries appear to be rapidly growing, as diplomacy appears to be falling apart….