Yao Yang
Yao Yang is professor and dean at the National School of Development and director of the China Centre for Economic Research, Peking University. Copyright: Project Syndicate

Beijing looks well on its way to accomplishing the economic goals it has set for itself, but once it succeeds there will be new demands from the public for increased personal freedoms.

President Xi Jinping's anti-corruption campaign, which has already brought down many high-ranking "tigers" in the government, has been widely touted as a key component of the deep structural reforms that China needs if it is to build a more sustainable, inclusive and market-based economy. 

China's economy is, at long last, undergoing a rebalancing, with growth rates having declined from more than 10 per cent before 2008 to roughly 7.5 per cent today. Is this China's "new normal", or should the country anticipate even slower growth in the coming decade?

The US Federal Reserve's decision to exit from so-called "quantitative easing" - its massive monthly purchases of long-term assets - is stoking fears of a hard economic landing in China. But the country's strong economic fundamentals mean policymakers have the space to avoid such an outcome - as long as they bring the shadow banking system under control.


As expected, the final document of the third plenum of the 18th Central Committee revealed a plan for comprehensive reforms that will reshape China's economy and society in the next decade.

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China economy