The question is whether China can maintain rapid growth though somewhat slower than its recent breakneck pace, even as it reins in credit expansion which could cause an abrupt reversal in asset prices, confronts weak global demand, restructures its economy, and fights corruption. In other countries, such daunting challenges have led to paralysis, not progress. The economics of success is clear: higher spending on urbanization, health care, and education, funded by increases in taxes, could simultaneously sustain growth, improve the environment, and reduce inequality. If China’s politics can manage the implementation of this agenda, China and the entire world will be better off.
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