ABSTRACT
Despite the success story of Chinas real estate boom over the past three decades, economist Cheng Siwei argues that government investment and real estate interventions need to be moderated, allowing the market and individual choice to govern trends in housing prices. Microstimulus, therefore, aims to work alongside market forces, gently nudging the train of progress back on its high-speed tracks. The Institutional Innovation is the Source of Reform Dividends, proposes points on four key relationships: between the rule of law and the rule of the people; between equity and efficiency; between government and market, and between concentration and decentralization of authority. This study specifically tracks NPC economic and trade-related laws and policies, that were posted for the legally mandated 30-day period for public comment. The slow speed of reform, along with inconsistent implementation by central-level ministries, continues to create uncertainty about whenand even whether policy changes will address the market access and level playing field concerns of USCBC members.
