(Reuters Breakingviews) - The People's Republic of China turns 70 on Tuesda...
A heart-shaped Chinese flag installation ahead of the 70th founding anniversary of People's Republic of China is seen on a street in Shanghai, China September 26, 2019. REUTERS/Aly Song
China in 2019, with a $14 trillion economy, is vastly different from the impoverished wreck that emerged from civil war in 1949. The Chinese Communist Party has changed too. It has warmed to foreign trade and private property, allowed more freedoms and raised a generation of pro-growth technocrats to build infrastructure, schools and financial markets. These pragmatists convinced foreigners to plough an accumulated $1.
Many local bureaucrats are now so risk-averse that they are hobbling stimulus efforts as growth slows. Worse, in part because salaries were not adjusted after illicit perks stopped padding pay, government jobs appeal more to ideologues than specialists. The exodus of financial regulators to the private sector, for example, was a factor in the botched response to the stock market crash of 2015.
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At 70, Communist China is older than the Soviet Union, while rivaling U.S. economic powerIn 70 years, China's communist state has seen a stunning economic and technological rise. It has also seen famine, massacres and harsh repression of dissidents, activists and ethnic and religious minorities.
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US pulling investment from China would be an 'unmitigated disaster,' says Yale's Stephen RoachU.S.-China trade talks hit a snag Friday as the White House weighed limiting U.S. investments in China, which would be an 'unmitigated disaster' if it came to pass, says Yale's Stephen Roach.
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Malaysia PM says can't provoke Beijing on South China Sea, Uighur issueMalaysia does not want to take a confrontational stance toward China over the di...
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Xi's historic power grab has cost China a great deal of stabilityGiven China's increasingly centralized and personalized leadership, Xi may be at the same time the world's most influential leader and one of its most vulnerable, writes Frederick Kempe of the Atlantic Council.
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China Could Teach Jerome Powell A Thing Or TwoChina's central bank governor Yi Gang said his team would not resort to “flood-like” stimulus to support growth, and then almost took a swipe at the Fed as well as monetary officials from Frankfurt to Tokyo.
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