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Xi Jinping asked yesterday at this important conference for business leaders that China "fully leverage the strength of the nation's huge domestic market in the face of rising protectionism, a sluggish global economy and a weakening international...
http://en.people.cn/n3/2020/0722/c90000-9713309.html#.XxgOS5UUDH0.twitter
http://en.people.cn/n3/2020/0722/c90000-9713309.html#.XxgOS5UUDH0.twitter
...market". He also called for “patriotic” entrepreneurship and encouraged entrepreneurs “to play a key role in creating a new development pattern in the new era”.
His speech is widely being interpreted as suggesting that Beijing wants more than ever to reorient the economy...
His speech is widely being interpreted as suggesting that Beijing wants more than ever to reorient the economy...
...towards sustainable domestic demand, which mainly means that the GDP share of consumption and private business investment must rise sharply so that China can rely less on exports and non-productive government spending to keep the economy growing.
But after more than ten...
But after more than ten...
...years of trying, it's clear that to pull it off will require more than another exhortation. What Beijing hasn't wanted to recognize is that this kind of reorientation of the economy requires a structural (and probably political) transformation of...
...economic institutions, including large wealth transfers, and not simply a demand that senior officials and business leaders "try harder".
