The complete Third Plenum “Decision” document provides interesting details on the leadership’s reform agenda across a range of areas. Overall though, it reinforces the central message in last week’s initial Plenum communiqué: Xi Jinping continues to place national security at the heart of economic policy. That means that resources will continue to be channelled toward boosting supply, holding back efforts to rebalance the economy toward consumer spending and, probably, dragging on productivity growth too.
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