As we get ready for the Year of the Horse, preparations for the Spring Festival Gala, the most important event on China’s television calendar, are well under way. Most viewers will see choreography, spectacle and national pride – as well as humanoid robots. Policymakers and markets, however, should see something else: a carefully staged signal of how China’s political economy is positioning for the next cycle of industrial overcapacity – and its global consequences. The gala has become a...