China’s New Reforms in Theory and Practice
Following the Chinese Communist Party's recent plenum, President Xi Jinping faces the politically risky task of pushing the Party’s reform agenda against fierce opposition while the economy slows. Above all, he is determined to maintain control by limiting the extent of political reform.
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HONG KONG – On November 12, the Third Plenary of the 18th Central Committee of the Chinese Communist Party (CCP) announced a major turn to market-oriented policies: interest-rate and currency liberalization, reform of banks and state enterprises, clearer land ownership for rural inhabitants, and a better deal for urban migrants.