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China’s Plenum Test

TOKYO – There is something odd and disturbing about the conventional wisdom surrounding the upcoming Third Plenum of the 18th Central Committee of the Chinese Communist Party (CCP). As the November 9-12 conclave draws near, the international community’s attention seems to be focused mainly on technocratic policy changes deemed essential to restructuring China’s state-dominated economy and reenergizing growth.

Will the government liberalize interest rates or loosen capital controls? How will the fiscal system be revamped? Will land reform be part of the package?