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With the unveiling of China’s new leadership, observers and journalists the world over are all contemplating the same question: Will the new group at the top of the Communist Party be able to engineer the reforms needed to tackle the plethora of challenges afflicting virtually every realm of policy and governance — domestic and international — in China? The answer, unfortunately, is no. Those inside and outside of China anticipating a return to an ambitious reformist agenda that will further open and decentralize the economy; liberalize the polity; reduce social inequities and tackle pervasive corruption; and rectify strains in China’s relations with its neighbors in Asia, the European Union and the United States will be disappointed. China is in dire need of...