China: The Storm Is Blowing Reform Off Course

China's leaders are shifting to quick fixes in a bid to preserve stability and avoid a devaluation of the yuan

Chinese microwave manufacturer Amproluck Electrics Co. was keen on gaining market share, so earlier this year it slashed prices by a third and jumped into China's vicious price war for electronic appliances. But today, Amproluck finds itself a casualty of that war: It has closed its doors, laid off 300 workers, and is now bankrupt.

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