Inside Beijing’s power struggle

In recent years, the monetary mandarins in Beijing have walked a fine line in steering the Chinese economy through the treacherous waters of internal and external imbalances. The challenges essentially come down to the need to combat rising inflation while avoiding a hard landing. More recently, this task has become all the more complicated due to the deepening of the global credit crunch and a surge in energy, commodity and food prices.

As these challenges have become more acute, Beijing has

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