By Chi Lo
This ebook highlights the tough coverage selection that needs to finally be made in the course of China's structural reform in keeping with the speculation of the very unlikely Trinity, among alternate cost and fiscal coverage autonomy.
Read or Download China’s Impossible Trinity: The Structural Challenges to the “Chinese Dream” PDF
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Additional resources for China’s Impossible Trinity: The Structural Challenges to the “Chinese Dream”
An interim strategy Chinese leaders did announce a sweeping reform blueprint in the so-called “Decision” policy document on 15 November 2013 after the Third Plenum of the 18th Central Committee of the Chinese Communist Party. From a strategic level, it indicates a sharp turn to market-oriented policies for setting the future structural reform direction, including interest-rate and currency liberalisation, land reform and changes in a wide range of economic, social, government administrative and judiciary issues.
This has raised the awareness among the bottom strata of the society that it is policy made at higher levels, not just corruption and incompetence of local officials, which bars them from sharing the benefits of economic growth. Second, the wealthy and the intellectuals are taking more interest in politics and the reform process to protect/fight for their interests, or even to take part in the rent-seeking3 activity that has emerged as a by-product of economic reform. The first trend is developing to create a critical mass of social grievances.
By not clashing with the vested interests before his power base is solidified, Mr Xi is trying to avoid giving his opponents the opportunity to build a critical mass of resistance. This alliance of resistance was what toppled previous reformminded leaders Hu Yaobang and Zhao Ziyang before the 1989 Tiananmen incident, when they were seen as jeopardising Party control. Because of implementation difficulty, no completion timetables have been given out for most of the reforms outlined in the “Decision”.