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Swami's avatar

Fantastic article.

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Mike Moschos's avatar

I would note that between the 1980s until a few years a ago, China was very politically and economically decentralized, it even had partial local capital market fragmentations and the ability for local governments to engage in economic policy and even have local trade frictions, and it had very strong local parties with most policy action happening at lower levels and wide latitude for policy variability. All of that its quite similar to how the USA was for the first 200 years of its existence!

But Xi and the powerful special interest groups around him at the national center have been working overtime to try and change this and in recent years they've made headway... lets hope they are defeated!

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