What's happening in China

�c��

�T��Ԫ��D��G��Ϲ��}�A�P�N��A�@��

�o�O�@�ӤG��ƪ��@�ɡA��F��ּƭӧO��p�H�~�A�Ҧ��ƪ��ۧ��Q��ߦa�@��G�A��p�G�k�l�M��l�B��ƩM�F��B��N��]hawk�^�M��F��]dove�^��C�o�ؤG��ƪ��覡�i�׵L�B��b�C�M�ӡA�Q�n�˲M��o�⭱��A��ؤ~�O�ѨM��D��T��k�A��ɭԬO�ܧx��A�]��ɶ��M�a�I�W��t��A�`�`�|��ڭ̦b�Y�ɬY�a�ү�Ĩ��̨γB�z��I�C

�b��T��Ԫ�ĳ�D�W�A�o��Ѥ��O�Ӧ۹�߰}�窺�O�q�A��w�W�۹�C��ꪺ��Ѥ��l�ɤ@��H�өl�צ�~��l�A�]��X�ҮơA�L�̩ҫ��ݪk�]�O��F��C��ز��y��w------��|��Ƿ|�]Brookings Institution�^�A��F�v�W��D�i��V��ۥѥD�q�A�ӨӦ۩󥬾|��Ƿ|��Ǫ�------��]Cheng Li�^�M��w�R�P��]Diana Liang�^�A��[�I�N�O��@�Ө嫬�Ҥl�C

�Ө��Ǫ̾��ިèS��}�a�Ϲ��`�ίS�Դ��A��O�o�ϴ_��ӵۻP�C��ۤ@�P��[�I�A��N�O�G�T��Թ��U�賣��Q�C�T�M�A�L�׬O��@��Ԫ��A�o�˪��k��O��ߪ��A�M�ӧY�K�p��A�o�]�ä��N��۬Y�ǾԪ��}��n�ʩάO��ȴN�]��ӭ��C�F�C�P��P�ɡA��޾Ԫ��a�ӤF��D�P�ױw�A�p�G�̲ץ��o�X�@�ӸѨM��ת��ܡA�h�`�`��a�ӫ��[��M��C

��褧��Ĭ𤧩ҥH�|�ɯźt�ܦ��Ԫ��A�D�n�O�]��@��t�@�誺��k��h��q�j�P�C�̶}�l��ɭԡA��٬ަs�b�A��W��³B��i�H��d�򤧤��A��L�H�ۨƺA��_�c�ơA��I�`��@��h��o��Ӱ_�A��M�ϧܡC

��{��ɡA�S�Դ��n�W�F�F�v�R�x�A�o�O�@��e�ҥ��`�ΡC�ӥL��A�h�O��a�D�u�ߪ񥭡A�o�S�O�@�ӻP�W�@��90�~�N��ɤ��ﭲ�}�񪺾H�p��~�M��P��v�¥D�q��C��j�ۨ��A�o��O��p�@�ѵL�k��ܪ��O�q�J��F��i�ٰʪ��۶ܡH�@�Q��o��j�H��ӧY�N��W�A��@�ɳ��T��Ÿ�ݡC�o��쥨�Y��塚��A�N�Ϧ�jù��~��̪��h�A��ۦU�۪��L��A�C�ީ��i�A�ǳƪ�ԡC��M�A�v�޳��٦��L��h�A�u�O�S��o��̤@��է��O�ĦӤS�F�F�۹G�A�ӳo�Ǩ�L��h�H�۳o��ӥ��H��Ԥ�V��ܡA�ɦӧA��ڹܡA�ɦӤS��U�C

�H�W�u�O�@�اζH��ήe�A�i�O�b�ƹ�W�A�T��ԥH�Υ��ҭl�ͪ��@�t�C��D�A��Ȥ@�p�J��a��A��C��T��N��b�p�U��A�ɩҵo�ͪ��@��[�֪��H�p�ơA�᳣̫��i��t�ܦ��b��T�T��W��ݤ@�ˤ��i��Ϫ��M��ϡC

�T��Ԫ��G�]�\�O�Żs�~�θV�׵��~�Q��Ө��|�A�Ӧ��H�ӨӪ��A�٫ܥi��O�s�D�C��ɪ��@��f�ݵ��C��L�A�N��B�X��B�s�@�ˡA��T��ԡA�H�̩ү��ݨ��ƹ�A��ڤW�u�O�L��D��@�p��Ӥw�C

��~�A�H�̻ݭn�{�Ѩ쪺�O�A��ꤧ��T��ԡA��ä��O�@��p��h�@�뤬��ʩR�B�A��ڬ��԰��A��u�O�M�D�q�L�T��ԡA�̲׹F�P�إ߰_�@�q�i��o�i��T��Y��ت��C��L�A�W�z��쥬�|��Ƿ|��Ǫ̫o�{��A�o�ʶT��ԵL�צp�󳣤��i��A��@�M��~�O��T��X��A�åB�{��A�ѩ�o�ء��ӥ��]Let's make a deal�^��D�ɨóe��F�S�Դ��¾�~�ͲP�A�H�ܩ�L�w�g�Φ��F�@�ث��w��C

��Ǫ̪�ܡG��S�Դ��`�ΫD�`��w�o�إH��Ҧ��A�åB�b��̡A�L�׬O�T��B�w��٬O�F�vĳ�D��A��Q�ΥH�@��ۤ��p��ͧP�w�X�C�ӳo�ذ��k�L�h�w�g��L��ҡC��e�A�S�Դ��N��g��ܹL��O�@�Ӷײv��a��A�M��H��A��F��P�N�P��X�@�H�p��_��A�S�Դ��S��f�n�٤��ä��O�ײv��a��C�N�o�ˡA�q�L�b�g�ٻ��̧@�X��M�}�A�A�Ӵ��w��W��Q�q�C��

�۵M�A��M��ꤧ��T��w��O��s�A�ơC�۱q��b2001�~�[�J�@�ɶT��´�]WTO�^�H�ӡA��w��ӦV�@�T��´�Ҵ��_��ĳ��A�N�w�g��35�v��h�C��L�A��誺�@�t�C��ݻP�H��Ҥ��P�A�åB��ꧡ�¯ٱN�|��ƺA�i�@�B�ɯšC��~��e�A��w�g�ھڡ�301��ڡ��襤��ҰʤF�լd�A�ö}�l��I�T��I�A�o�b��ɴN�Q�{��{��O��ꪺ�T��Ԥw�g��T�C

��ê��b�T��W�F��ĳ��]��A�ä��ȶȬO��g�ٻ��C��F�g�٭�]��~�A�ڭ��ٻݭn�Ҽ{��F�v�M�w��ĳ�D��ꪺ�T��y��F��ؼv�T�C�Ӧp�G��F�Ӧ۳o��譱��]��A�ڭ̫K��H�什�է@�X�z�ѡC

��|��Ƿ|��Ǫ̫��X�A��M�T��Թ��賣�|�y��l�`�A�i�O�q�`�ӻ��A��o�T��վl��@��|�D��j��A�]��]�󦳥i��Q��@�X��h��C

��1980�~�N��饻�N�O�o��W�ߪ��@�Ө��ҡC��L�A��󤤰�Ө��A�o��W�ߤ]�\�u��e�b�y�|��ߡC��U�A��w�g�}�l��|��T��ԩұa�Ӫ�'�h�W'�F�A�åB�i�H�w��A��٭n��Ө��h��'�h�W'�C�ѩ󤤰�b�g�ٵ��c�W��~�T��̿�A��T��Ԥ��ȷ|�襤��@�ǧ@��D�n�g�ټW��a�ϳy��v�T�A��p�f��D�j�W�ϡ] the Greater Bay Area�^�B��T��a�ϡA�H�Ψʬz��Y�]Beijing-Tianjin-Hebei Corridor�^��A�Ҧ��L�@�ǳW�Ҹ��p��g�ٰϰ�]�|�@�֨��o�s�C�ثe�A�Ѳ��󤤬��T��ݪ��t��N�w�g�e�{�A�W��Ҩ��Ҥw�g�i�J'��'�A�ӭ��Ҥ]�^��10�Ӥ�Ӫ��s�C�C��

��A�T��ԭt��{�A�N�|�޵o��ꥻ��[�t�~�y�A�P�ɤ]�|�O�Ӱ�v�l�Ȧ�M�a��ŰȺ޲z��D�i�@�B�c�ơA�q��F��p�ߺ��g�٥��Ū��|��L�з��C�Ӧp�G��ꪺ��ϦA�~��U�h��ܡA��ꪺ�Цa��]�|��֡A�өЦa��󤤰��ӻ��O�@�ӷ��ױӷP��ĳ�D��A��Ǫ̪�ܡC

�ۤ�_��ӬݡA��ꪺ�g�ٸ��j�l�A�P�ɤ]��[í�w�C�Ӭ��F�ϵ��I�[��O�̤j�ơA��ꪺ�T��_��I�h�D�n��b��骺�Y�Ǧ�~�H�άY�Ǧa�Ϥ��C

�b��i�f��~�ҥ[�x��|��A�̤j��Ҫ��B�Q�u��F�A��~�M��~��̡]��񰪹F38%�^�A�ӳo��~��a��O�S�Դ��̳̬��ϰ�C�M�ӡA�ѩ󤤰�V��i�f��~��ά��V��i�f��~�h�A�G��A��q�L��|��y��A�O�۷��C

�ӬۤϡA��T��Ԭ��ꪺ�g�٩ҩۭP��A�ר�O�A�p�G�t��ǻ��F�Цa��~��ܡA�h�N�|��F��a�ӥ��j��F�v��O�C�Ӥ��a�D�u�ߪ񥭱N�|�p��o��T��ԡA��F�U�誺��`�M�f�ءC��ұĨ��@��ﵦ��Q��ԷV�A��i��t��C�Ӧb��e�o�ضi�h��Ҧa��A��F��N�ܦ��i��|�M�D��X�@�ӸѨM��סA�ӨëD�b�T��W�N��B�@�}�C

��F�w�ѶT��Ե��F��a�Ӫ��O�A��ꤺ�C��N��ұĨ��ʡA�k�]��`�ίS�Դ��ƨg��M��g��C�o��P��i��ͧPĹ�o�F�@�Ǯɶ��A�ӽͧP�h�O��a�D�u�ߪ񥭧󬰰��n�Ĩ��C�t�~�A��ꪺ��N�o��ضT��ʪ��ɯšA��@�O��ϹK���U�_��@�ӡ��ѡ��A�ӳo�اζչ�󤤰�F��]�O��Q��C��O�o�˪��ܡA�p�G��Ӭ��誺�T��ʫ��ɯšA�襤��F��y��O�麥�[�j�ɡA��F��Y�i�Ϊ��ﶵ�]�\�N�|��쭭��M��Y�C��K�O��ı�o��F��O�b�V��}�A�C�Y�A�b��{�ꤺ�V�ӶV�j��F�v��O�ɡA��F��]�\�|�O�L��ܡA�ߦ��߳��h��C

��~�A��Ǫ̻{��A�L�פ��F��A��ߩȶT��Ԥ]�n�A�γ\��L�k��ꪺ�Ӭɻ�S�̯��P��٦�C�o�O�]��A��ެ��ꪺ��~�O�Ϲ��ꥴ�T��Ԫ��A��O�L�̹�󤤰ꪺ�@�Ƿ~��F��o�]�P�줣�w�A�Ҧp��n�D�b�ت��~�X��~��]�߰_�@��Ҥ䳡�C��~�A�s��a�w��k�A�H�Τ��ꡧ��a�ꥻ�D�q��]state capitalism�^��t��{�X��@�ǭt��o�i�Ͷյ��A�]��L�̷P��~�C

��ӥѩ�H�W�o�Ǽ~�{�A�A�[�W��h�~�Өå��i��}�񥫳��ӿաA�]��A��F��b��ꪺ��B�͡��i�פ֤��S�֡C��

�p�G��詼��ݨ��ۤv��q�M��Ȫ��@��A��N�O�̦n��L�F�C�i�O�A��ޤ�ᤤ��T��ԬO��٬O�׵��A��I�᪺��]�z�Ѧp�G�èS��V��M�L��X�A�o�]��O��H�X�G�N�ƪ��Ʊ��C�]��Ǥ��o��@�X��B�M��A�b��ƤH�ݨӬO��l��Ʊ��A�ҥH�̦n�O��걡��\�_�ӡA�Ӥ��n��}�A�ܩ�u�ۡA�̲פ]�\�u��Ӫ��v�Ǯa�̤~��o��C�@��T��ĳ�I��үA�Ϊ��@�ǲӸ`�M��A�]�\��|�O��ҳ߻D�֨��A�M�ӡA��p�@�y��u�n��ۦn��D�ΡA�j��N��|�ӹL��`�s��骺�ήơA��䪺��D�u�O�b��A�o�y��ण��Y�U�h�C