China’s leaders going back to Deng Xiaoping have made the case that the country could—and should—pursue economic reform before political reform. Now, they are pursuing neither. Why? Economic reforms, initiated at the end of 1978 by Deng, have enriched state institutions, and these institutions have been able to translate economic success into political power. They have then used new-found clout to block further economic reforms that would undermine their role in society. So economic reform has stalled ever since Deng’s reign ended in the 1990s.

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