The local growth hoax ruining China's bigger picture

Career incentives have led to an explosion in local Chinese government infrastructure spending. But resulting structural imbalances are crowding out private sector growth and fuelling corruption.

China’s economic success has been closely tied to its unmistakable move toward the market since reforms first began in 1978. In the first 20 years of reform the role of the state diminished substantially, and it is only in the last 10 years that the state has come back to the forefront of economic activities.

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