The stock market turmoil in China revealed a certain amount of disarray in the top-down economic policy process designed by the Third Plenum. In line with traditional division of responsibility, the State Council and Premier Li Keqiang have been playing a central role in coordinating day-to-day economic policy. This is evident with respect to both stock market policy and state enterprise reform. Competing policy entrepreneurs will drive the next step of the policy agenda.
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Reform Agenda in Turmoil: Can Policy-makers Regain the Initiative?
