Many reject the idea that there is real pro-market reform going on. They talk of promise fatigue. And that's true if you interpret market reform as pure liberalisation. But when Mr Xi talks about reform, it is order that he is after -- and that matters for markets. (3/x)

We argue that he's trying to build a more muscular state capitalism: more market discipline for state-owned firms & more party discipline for private firms, yoking them together on national missions. A project full of contradictions. But progress is evident in some areas. (2/x)

— Simon Rabinovitch (@S_Rabinovitch) August 14, 2020

Many reject the idea that there is real pro-market reform going on. They talk of promise fatigue. And that's true if you interpret market reform as pure liberalisation. But when Mr Xi talks about reform, it is order that he is after -- and that matters for markets. (3/x)

— Simon Rabinovitch (@S_Rabinovitch) August 14, 2020