Our cover story is by Robin Rivaton and Ben Southwood, on how China’s cities function as risk-loving municipal venture capital funds, and have turned the country into a continent-sized Silicon Valley. The issue also contains pieces by Dan Wang on the American Sun Belt, Nan Ransohoff on the world’s biggest problems, and Stephen Kotkin on Leninism’s fatal flaw. Print subscribers start to receive the full edition this week. Online readers will receive the articles over the next few weeks.