The Politics of Growth Targeting

CHINA FINANCIAL - Report 04 Aug 2014 by Michael Pettis
Executive SummaryThe investigation into Zhou Yongkang, announced last week but expected for months, is the most important political event in China since the related Bo Xilai scandal in 2012. It may confirm that President Xi Jinping and his followers have managed to centralize power far more than any Chinese leader since Deng Xiaoping.The liberalizing reforms that China needs, and which were spelled out during the Third Plenum, have been, and were always likely to be, strongly opposed by a powerful elite that had benefitted enormously from China’s pre-reform growth model. Without centralizin...

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