China's reforms continue to be slow, safe and steady
Beijing has gone in for gradual progress on many fronts
[BEIJING] Six months into China's grand economic makeover, Beijing is playing it safe, choosing gradual progress on many fronts over game-changing, riskier reforms such as removing all controls over bank interest rates.
Yet taken together, the incremental steps promise to reach enough critical mass to sustain reform momentum and help the world's second-largest economy shift down fairly smoothly after decades of red-hot investment-fuelled growth.
It's a 21st century version of Deng Xiaoping's "crossing the river by touching the stones" strategy of cautious economic experimentation in the 1970s and 1980s. The caution is still there; the difference is today China is crossing that river in many spots at once and the water is probably deeper.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Strong demand for ECs could spur competition for Pasir Ris GLS site
Singapore’s STT GDC to co-develop US$420 million data centre in Vietnam
10 terrific 2022 Beaujolais to drink now, or in a few years
Eurozone home loan stress ‘manageable’ despite high rates, says ECB
Cordlife to cancel private placement; MOH stresses importance of local directors
Sasseur Reit posts 1.2% rise in Q1 rental income; changes to semi-annual distributions