Educational Reform and a Leaner Government

Abstract

China’s economy is in a new normal. The growth has changed gears. Changes have been made in the economic structure, and the effects of the previous stimulus packages have yet to be absorbed. The world has seen years of sluggish growth since 2008. Negative interest rates appear for the first time in human history. In this context, stepping up the reform holds the key to addressing the underlying economic problems at home and abroad. The focus of this round of the reform is to delegate government powers and put them under checks to inject vitality into the market and local authorities. Thanks to over three decades of reform, an all-around market system has taken its initial shape in China. Businesses have become more vibrant and sensitive to prices as their ownership is clarified through joint stock reforms. Private companies have become the main players in the market.