Chinese reforms seem unlikely. Premier Xi has declared the state sector the “backbone” of the economy. Party cadres have been instructed to take the teachings of Karl Marx seriously. Private businesses do not hold out hope for equal and fair treatment under Xi’s socialism with a Chinese face. Successful business owners will continue to plan their emigration to Canada or Australia before the long arm of the state and party catches up with them. China’s puzzle has been it rapid growth despite its miserable (144th) economic freedom indexranking. Perhaps China’s performance is starting to reflect the low quality of its institutions.
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