For three decades, Fang Fenglei has stood at the intersection of Chinese and Western capital, helping to build the very institutions through which foreign money learned to speak Mandarin. Now, as doubt about China's investment climate hardens into conventional wisdom in Western financial circles, he offers a quieter counter-reading: that investibility is not a verdict but a negotiation, and that the evidence of workable arrangements — imperfect, asymmetric, but functional — has not yet been honestly reckoned with.