China’s economy is slowing and the world has no choice but to pay attention. And in Beijing, Xi Jinping’s administration pursues policies increasingly divergent from democratic ideals. These developments are philosophically challenging, especially as they concern the world’s largest population and second-largest economy. And yet they also pose threats to multilateral cooperation on issues such as counterterrorism, climate change, pandemics, and nuclear proliferation. One of the world’s greatest global competitors is turning away from democracy: Should we be concerned?