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40 years of reform and opening up
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Twenty-seven years have passed since the death of China’s reformist leader Deng Xiaoping, but it seems that today there are different interpretations of his legacy – a worrying and disappointing development.

The ‘reform and opening up’ started under Deng Xiaoping was about both economic and spiritual liberalisation, but policy regression could derail those efforts.

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  • ‘Inaction and slackness’ at local levels of government seen as threats to Beijing’s revitalisation vision ahead of third plenum Communist Party gathering
  • Commentary in Economic Daily follows a State Council meeting where Premier Li Qiang implored government officials to embrace reformative methods

Prominent pro-market researcher Chi Fulin says China has fallen short of various targets, including capital account convertibility, set in 2013.

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As the world’s second-largest economy moves toward self-sufficiency, concerns are rising that inward-looking priorities could undermine Beijing’s commitment to open up, while foreign investors feel neglected.

But despite China’s ‘weaker and more fragile economy’, its openness to trade has been outperforming that of large developed economies, according to the latest China Pathfinder assessment.

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‘Do not believe nor circulate’ attempts to question China’s basic economic system, China’s CPPCC chairman tells representatives of business communities at ‘two sessions’ gathering.

Beijing has in recent weeks issued a deluge of new regulations on industries ranging from tech to private education, raising concerns about the effect of tighter control on the economy.

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Beijing has designated Shenzhen a model socialist city with special powers to make reforms, but the exact size of the city, a key to determining progress, appears to be a mystery.

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Vice-Premier Liu He says China’s ‘dual circulation’ strategy does not mean reducing interaction with the outside world and the nation will continue economic opening.

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Since last week, China’s bond market has seen defaults by a mine operator, an integrated circuit maker and a car manufacturer – rocking investor confidence across the nation.

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From land use to hiring global talent, Beijing is looking to give the southern boom town of Shenzhen a major role in nation’s economic and technological rivalry with the United States.

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Shenzhen’s financial resources put it ahead of other cities in the Greater Bay Area to take the lead in financial deregulation that will facilitate free trade and cross-border capital flows.

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