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The China Shock Is Coming With Michael Pettis

Lead-Lag Live

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Why China Controls a Lot of Businesses?

In the 90s and first decade of the century, what China needed to do was quite clear, right? It needed to build an enormous amount of infrastructure. And under those conditions, the state probably does do a better job than the private sector. But beyond that point, what you need is institutional reform. A highly centralized state-led development process may not be very good at the right types of institutional reform.

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