The news about China’s economy over the past few weeks has been daunting, to put it mildly.

The country’s growth has fallen from its usual brisk 8 percent annual pace to more like 3 percent. Real estate companies are imploding after a decade of overbuilding. And China’s citizens, frustrated by lengthy coronavirus lockdowns and losing confidence in the government, haven’t been able to consume their way out of the country’s pandemic-era malaise.

If the world’s second-largest economy is stumbling so badly, what does that mean for the biggest?

Short answer: At the moment, the implications for the…