Opinion
China’s diminishing returns under Xi
With the Chinese government even less inclined to adopt market-oriented reforms, a smooth landing from the real estate meltdown looks less likely than ever for China’s faltering economy.
Kenneth RogoffColumnistThe Communist Party of China’s 20th National Congress, which gave President Xi Jinping an unprecedented third term as general secretary, also featured a leadership shake-up that replaced market-oriented technocrats with Xi loyalists, raising questions about China’s plans for its faltering economy.
Excessive state control, after all, is a tried-and-true recipe for becoming mired in the middle-income trap that Chinese leaders have long vowed to avoid.
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