Wang Qishan, the Chinese vice-premier, likes to tell foreign visitors who urge a particular course of action on Beijing: “You know, we also have politics here.”
One of the defining narratives of the global financial crisis is that China’s Communist party technocrats outplayed partisan Washington and an incoherent Europe.
There is a good deal of truth in this. Beijing’s 2008 stimulus plan was earlier and more decisive than any other big economy and proved very successful at maintaining growth.
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