One of the most talked-about events on the Chinese calendar this year has been the Fourth Plenum, which was held in Beijing at the end of October. Senior leaders gathered in the capital to discuss, among many other items, the rule of law.
In a video interview with The Wall Street Journal, CKGSB Professor of Economics Li Wei stressed to The WSJ’s Ramy Inocencio the importance of how to actually put the party and the state under legislation, adding that the Constitution is one thing, but putting it into practice to restrict the power of the government and the party is quite another.
Dr Li also touched on the issue of government-led ‘micro-stimuli’, which he said meant that the Chinese economy was bouncing back slowly, adding that he wasn’t too concerned about growth. Li Wei highlighted the real estate sector, and the overcapacity in many other sectors – including steel and industrial production – as issues of key importance to China’s economy.
He also expressed his hope that capacity can be absorbed or destroyed naturally, rather than affected by too much stimuli, a sentiment echoed by fellow CKGSB Professor Gan Jie.
Please watch the video in full at The Wall Street Journal’s website here.