Where have I seen this before?

India's real estate boom has arrived just as China's departs

Jim and Sara Nuttle illustration from “America’s New Map”

VISUAL CAPITALIST: Charted: India’s FDI Inflows Over the Last 20+ Years

SCMP: Opinion | India’s trend-defying property market is a sight to behold

REUTERS: How Evergrande’s downfall signaled China’s property crisis

THE DIPLOMAT: India’s China FDI Gamble — Protectionism will not make India a global power.

I have used, in the past, the image of two ships passing in the night to describe how America and China are going in different directions when it comes to market-making ambitions (determine the rules of the game and not just play the game).

America is embracing its inner market-player persona (Win every transaction! says Trump.) but still struggles, under Biden, to maintain some semblance of a market-making responsibility (e.g., taking on the Houthis over their Red Sea attacks for the benefit of global commerce).