The Undoing of China’s Economic Miracle
The Undoing of China’s Economic Miracle China’s economic “miracle” wasn’t that miraculous. The country’s high-octane ascent over the past 40 years is, in reality, a triumph of basic economic principles: As the state gave way to the market, private enterprise and trade flourished, growth quickened, and incomes soared.To get more China breaking news , you can visit shine news official website. This simple lesson appears, however, to be lost on Xi Jinping. China’s leader is rejecting decades of tried-and-true policy by reasserting the power of the Communist Party within the economy and redirecting Chinese business inward. Indeed, faced with escalating hostility in Washington, Xi’s pivot seems, if anything, to be accelerating—with potentially serious consequences for China’s economic progress, and its relations with the world. True, Xi isn’t completely drop-kicking free enterprise and free trade. In November, he told the G20 summit that China’s new economic agenda “is by no means a clos