The businesses, livelihoods and people that make up the deep and strong bilateral relationship will only be hurt by decoupling. That bilateral trade grew despite US-China tensions is proof of the ties that bind.
The spate of bank rescues from Baoshang to HengFeng is only the tip of the iceberg as slowing economic growth unearths more bad loans. The monetary fixes of the 1990s do not work without hypergrowth. The only solution? Unflinching banking-sector reforms.
China has been trying to rein in debt, correct the public-private imbalance and spur consumption-led growth. The real danger of the trade war is it risks distracting policymakers from their focus on such structural reform.