From Asia Times:
China’s latest macroeconomic statistics are evidence that Beijing’s two-year-old belt-tightening policy has failed to achieve its goal of cooling down the overheated economy. The failure must be largely blamed on regional protectionism increasingly running wild across the country.
For sure, regional protectionism or regionalism is by no means a new thing under the current Chinese leadership. On the contrary, it has existed throughout Chinese history. Hence the old Chinese saying, “Mountains are high and the emperor far away.” [Full text]
