On the campaign trail for economic makeover, resilient premier Li Keqiang 李克强 stood front-and-centre for much of April. Neither his pro-innovation, anti-bureaucracy rhetoric, nor the steady reforms flowing from biweekly State Council meetings betray a political machinery jammed by gridlock. New FTZs opened, UnionPay’s monopoly broke, a new urban cluster was approved and a promised devolution leadership group was inaugurated. But Li’s pep talks and admonishments—to the flagging rust belt, to overzealous paper pushers—fail to go far enough for dedicated reformers. Inability to adjust for demographic realities means China, warns contentious finance minister Lou Jiwei 楼继伟, is fast sinking in middle income trap quicksand.
April: Li revs the reform engine
April: Li revs the reform engine
April: Li revs the reform engine
On the campaign trail for economic makeover, resilient premier Li Keqiang 李克强 stood front-and-centre for much of April. Neither his pro-innovation, anti-bureaucracy rhetoric, nor the steady reforms flowing from biweekly State Council meetings betray a political machinery jammed by gridlock. New FTZs opened, UnionPay’s monopoly broke, a new urban cluster was approved and a promised devolution leadership group was inaugurated. But Li’s pep talks and admonishments—to the flagging rust belt, to overzealous paper pushers—fail to go far enough for dedicated reformers. Inability to adjust for demographic realities means China, warns contentious finance minister Lou Jiwei 楼继伟, is fast sinking in middle income trap quicksand.