Commentary: China’s Economy Needs a Genuine Income-Growth Plan

A decade ago, during a conversation with a childhood friend settled in Silicon Valley, I was struck by her deep sense of crisis. Tempered by the 2008 financial meltdown, she was preparing for economic downturns, contrasting sharply with my own youthful optimism that tomorrow would invariably be better. Today, as China’s economy shifts away from its era of hyper-growth, that optimism has faded. A growing public sentiment jokes that each current year might be the best of the next ten.