THE DRAGON HAS NO TEETH:

It's a frustrating position for the authorities. For the past half-decade, they've prioritized national self-sufficiency in everything from semiconductors to soybeans. But there's no realistic way for China to "decouple" its athletes from global leagues and competitions. Local alternatives won't be enough.

That appears to be dawning on Chinese companies, if not the government. Last week, after the Women's Tennis Association expressed concern for Peng Shuai -- the Chinese tennis star who had accused a former government official of sexual assault -- the streaming platform iQiyi Inc. asked that its logo be removed from the group's website. It did not, however, seek to sever its lucrative digital-rights agreement. Quite likely, iQiyi is hoping that the controversy will pass and it can resume building tennis into one of the country's most popular sports.

China is likely to take a similarly symbolic approach to the diplomatic boycott. For now, it can't afford to alienate American broadcasters and global sponsors. It certainly can't risk cutting off its athletes from world-class training and competition. For China, the games must go on.

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