Mei Fong

Reform 3.0: China's Next Direction

Evan Feigenbaum, Robert Hormats, James McGregor, Perry Wong, Mei Fong, Bob Hormats, Jim McGregor

China's leadership is steering "Reform 3.0" to transition the economy from investment-led growth to a consumption-driven model, prioritizing quality and equity over rapid expansion despite structural bottlenecks. Facing a demographic crisis, environmental degradation, and entrenched vested interests, President Xi Jinping has consolidated power to implement experimental pilots in fiscal decentralization and household registration reform. While political liberalization is unlikely, the strategy focuses on converting migrant workers into legal citizens and opening capital markets to sustain long-term stability and international competitiveness.