The veil has finally been lifted on China’s leadership mystery. Questions now loom large over what, if any, reforms are likely over the next decade. So far critiques of the new seven-member ruling body point to a more conservative streak (don’t expect a democratic thaw anytime soon.) Those with the strongest reform credentials were either left out of the standing committee selection or reassigned. And no one knows for sure what Xi Jinping has in mind beyond platitudes not unique to the political class.
One certainty still stands out. Without significant reform China’s best days may be behind it as growth slows and opportunity stagnates. Five areas of low-hanging fruit would have a significant near-term impact including: ending the hukou residency permit system; opening the financial sector; building a social safety net; equitable tax collection; and an independent judiciary that can fight corruption.
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Excerpt: © 2012, Brian P. Klein, as first published on Quartz.