The politics of China’s economy

CHINA FINANCIAL - Report 30 Jan 2017 by Michael Pettis

Special points to highlight in this issue:
• The most important event in 2017 is the Party Congress that will be held towards the end of this year, in which a large number of the top leadership will be retired or promoted. Any useful analysis of the Chinese economy must begin with the political context, of which the Party Congress is an important part.
• The key concern we should have is how quickly Beijing is able to consolidate political power around the president and so implement the very difficult economic reforms that will transform the nature of Chinese growth before the country runs into severe debt-capacity constraints.
• At the heart of reforms is the transfer of wealth from local governments to ordinary household and the liquidation of local government assets to pay down debt.

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