Economics
Rise of the False Reformers
Leaders like Xi and Modi were expected to streamline their economies and slash state enterprises. Don’t hold your breath
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Over the past year leadership changes in many of the world’s biggest emerging markets, such as China, India, Indonesia, and Thailand, have created hopes of dramatic economic liberalization among citizens of those countries and foreign investors. Media reports cast the new men in charge of the two most populous countries—Indian Prime Minister Narendra Modi and Chinese President Xi Jinping—as once-in-a-generation reformers who could streamline their lumbering economies by slashing state enterprises and reducing waste.