The Communist Party must firmly maintain leadership in all areas of work, Chinese President Xi Jinping declared Tuesday in a speech that, while intended to mark the 40th anniversary of Deng Xiaoping’s “reform and opening up,” seemed to represent a departure from some of its core ideas.  

While building functional markets requires state facilitation, China’s state-led market reform hinders the establishment of healthy market selection and adjustment mechanisms. Business performance is dependent more on “riding the policy wave” than prudent management or innovative business models. Subdued by political objectives, the alleged market economy “with Chinese characteristics” encounters various challenges both in terms […]