Stability, Yes, but Quality of Life as Well

Unsurprisingly, Chinese leaders concluded their annual Central Economic Work Conference in mid-December with a pledge to focus on "breakthroughs amid stability" in the coming year.

Facing more and increasingly complex decisions over a range of challenges, it was pragmatic for policymakers to set a course for economic stability. Debt troubles for small- and medium-sized enterprises, market-oriented reforms, property price control mechanisms, the adverse consequences of a central government, post-2008 economic stimulus program – the list of challenges goes on and on. But a steady ship can manage rough seas.