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Opinion
Letzte Aktualisierung: September 27, 2021

Can Xi end China’s gilded age?

By Yuen Yuen Ang

Yuen Yuen Ang is a professor of Chinese economics at the University of Michigan. As an author, she focuses on the global implications of China's rise. Ang also looks at the problems posed by China's rapid industrialization and explains why arbitrary decrees from Beijing's political leadership stand in the way of the country's global rise.

ANN ARBOR – Within the span of a generation, a new super-rich class emerges from a society in which millions of rural migrants toiled away in factories for a pittance. Bribery becomes the most common mode of influence in politics. Opportunists speculate recklessly in land and real estate. Financial risks simmer as local governments borrow to finance railways and other large infrastructure projects. And all of this is happening in the world’s most promising emerging market and rising global power.
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