Maybe China Doesn't Have a Master Plan

They're just winging it like everyone else.

Turmoil behind an orderly facade.

Photographer: Archivio J. Lange/DeAgostini/Getty Images

As a long-time consumer of economic commentary about China, I can probably recite the basic narrative underpinning most of it in my sleep: Yes, China’s economy faces challenge X. But the government has a plan for getting past it, the People’s Bank of China has many tools at its disposal and, hey, look at that $3.7 trillion in foreign exchange reserves!

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