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Xi Jinping is midway through his tenure as China’s president, and the systemic economic reforms he pledged are nowhere to be seen. The economy is increasingly reliant on debt-fueled investments, while bloated state-owned corporations and banks have yet to be trimmed. All the while growth continues to slow. In other countries, this would be a vulnerable time for the top leadership. Long periods of dramatic growth followed by stagnation or decline have historically been a backdrop for dissent, and even revolution, as the political scientist James Davies first described in his J-curve theory in 1962. And even though China continues […]