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China, You Know, Has Reached an Inflection Point
China has reached an inflection point and is deeply troubled on multiple margins. Xi Jinping wants to centralize power away from the cities and the states. He feels that in this drive for growth, power was decentralized too much. So at some deep level, this is what it's all about. The struggle between control and growth. And they've shifted the objective toward control. So growth suffers.