China Fights Local Budget Corruption With 'Economic Constitution'

The Shanghai skyline Photograph by Tomohiro Ohsumi/Bloomberg

Revising a budget law, as China’s National People’s Congress just did, sure doesn’t sound very sexy. But Sunday’s move is a crucial step toward fixing some of China’s biggest economic challenges: controlling runaway local debt; curbing rampant official corruption, and stemming the spread of socially destabilizing land seizures.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.