The Chinese economy needs more than reforms. Leaders and policymakers need to think about the economy in an entirely new way and craft policies which can help open the market.
First and foremost, a fair legal system is needed to support investors and entrepreneurs, many of whom are quite pessimistic about the market due to the government's lack of efficiency.
Local governments across China have been known to use their powers to interfere with the operations of businesses within their jurisdictions. Many entrepreneurs have experienced huge financial losses as they've waited for local officials to green light their plans and projects. There have even been cases of local authorities protecting large shareholders within companies from punishment when they broke the law. To stop such abuses, the central government should set up superior courts in Beijing or Shanghai and oversee these courts directly.
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