What I Learned This Week

The implications of accelerating Chinese economic reforms.

The 19th Central Committee of the Communist Party of China (CPC) held its Third Plenary Session in late February. This is the first time we can ever recall that the Third Plenary session has been held near the beginning of the year, which underscores the sense of urgency about economic reforms. According to the meeting minutes, one important document was approved: the “Decision to Deepen Reform of Party and State Institutions” [中共中央关于深化党和国家机构改革的决定]. Although details have not yet been released, most observers expect a major downsizing of government that will open up the budget to allow more room for tax cuts. Several constitutional amendments were also proposed during the session, including…

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