(Reuters Breakingviews) - The People's Republic of China turns 70 on Tuesda...
A heart-shaped Chinese flag installation ahead of the 70th founding anniversary of People's Republic of China is seen on a street in Shanghai, China September 26, 2019. REUTERS/Aly Song
China in 2019, with a $14 trillion economy, is vastly different from the impoverished wreck that emerged from civil war in 1949. The Chinese Communist Party has changed too. It has warmed to foreign trade and private property, allowed more freedoms and raised a generation of pro-growth technocrats to build infrastructure, schools and financial markets. These pragmatists convinced foreigners to plough an accumulated $1.
Many local bureaucrats are now so risk-averse that they are hobbling stimulus efforts as growth slows. Worse, in part because salaries were not adjusted after illicit perks stopped padding pay, government jobs appeal more to ideologues than specialists. The exodus of financial regulators to the private sector, for example, was a factor in the botched response to the stock market crash of 2015.
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