It is peak tourist season in China for European leaders. Shortly after the first bailout package to Greece in 2010, German Chancellor Angela Merkel celebrated her 56th birthday with Xi’an’s famous terra cotta warriors. She was accompanied by the usual coterie of German industry leaders who inked contracts in the tens of billions and has since cajoled her entire cabinet to join the annual pilgrimage to Beijing. Merkel took her eighth multiday tour this summer just weeks after the latest chapter in the financial crisis.

The article originally appeared in Foreign Affairs on August 13, 2015. Continue reading here. (This article is behind a paywall.)