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 of the macroeconomy and sector-specific reforms.
OTHER NEWS
It is 2060, decades after South and North Korea made history by agreeing to unify. The process has been long and difficult, but the Korean Peninsula is now home to the world’s 10th-largest economy, with a gross domestic product of $5.5 trillion — eclipsing South Korea’s $1.4 trillion in 2013. The KTX bullet train, which […]
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