NEW HAVEN, Connecticut — China’s efforts to rebalance its economy have been an abject failure. Nearly two decades after former premier Wen Jiabao bemoaned the Chinese economy’s excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world. As the first Western economist to stress China’s perspective on the need for such rebalancing, I am especially disappointed to write these words. I remember sitting in a Beijing meeting room…