There are few reforms in China's great aspirations

China is in need of market-based reforms, but a genuinely competitive economy will only be achieved if the dominance of its state-owned enterprises is wound back.

The key word everyone wants to hear from Chinese leaders these days is ‘reform’. From a widespread expectation a few years ago that China could defy economic gravity and grow at double digit rates for generations, the same bulls who treated any criticism of the Chinese growth model as Western economic chauvinism and envy now sagely tell the world that this same growth model is in desperate need of ‘reform’.

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