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After enduring a torrid summer that included two dramatic stock collapses, a double devaluation of its currency, and a fifth cut in interest rates in nine months in an attempt to boost flagging growth, China is facing a key moment in its modern history. Do the country’s authoritarian political leaders have the appetite – and the intellectual and ideological flexibility – to push through a slew of risky and painful financial and economic reforms? Or will they take a pass and hope they can muddle through, creating the services- and consumption-driven economy they so desperately need, almost by osmosis?
The most immediately pressing challenge will lie in reforming the country’s capital markets.
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