Richard Liu, CEO of JD.com, celebrates the company’s initial public offering in May 2014. China’s encouragement of private entrepreneurship has allowed e-commerce companies such as JD.com, Alibaba and Tencent to swiftly establish themselves as global leaders in innovation. Photo: AP
Prof Zhang Jun
Opinion

Opinion

Prof Zhang Jun

China owes its rapid economic rise not to state control, but to its unique form of fiscal federalism

  • Beijing’s willingness to liberalise and reform has allowed local-level competition and experimentation to flourish into the fiscal federalism that is the main driver of its economic rise

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Richard Liu, CEO of JD.com, celebrates the company’s initial public offering in May 2014. China’s encouragement of private entrepreneurship has allowed e-commerce companies such as JD.com, Alibaba and Tencent to swiftly establish themselves as global leaders in innovation. Photo: AP
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