On the eve of the U.S. presidential election four years ago, educated people nearly everywhere understood that China was the country of the future, green was the energy of the future, and Barack Obama was a man of destiny. How quaint it all seems now.

In a remarkable piece of investigative journalism last week in the New York Times, reporter David Barboza identified assets worth $2.7 billion belonging to various members of the family of Chinese Prime Minister Wen Jiabao, including his 90-year-old mother, a retired schoolteacher...