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Michael Pettis on Persistent Imbalances in Post-Pandemic China
Odd Lots
The Connection Between Local Elites and Local Governments
I think there is a very strong connection between local elites and local governments. And even in China, that's been discussed. I don't want to speak too openly about it because these are sensitive topics. Today, there was an announcement by several large cities in which they're changing the land auction system.
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