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In the decade following its initiation of Reform and Opening-up in the 1970s, China faced reluctance from global investors due to concerns about its planned economy. To address these concerns, China committed to transitioning toward a market economy in the 1990s through extensive banking reforms, the establishment of stock exchange markets, and accession to the WTO.
The Rise of the Civilizational State (Part I)
The term “civilizational state” is in vogue. Coined by Professor Zhang Weiwei, this emerging model of development and political discourse poses a challenge to Western assumptions.