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Time for China to truly face the market

With a current-account deficit looming, Beijing should set yuan and interest rates free

| China

For years, China has relied on huge domestic savings to fund the investment that has powered its rapid economic growth. While President Xi Jinping has backed a shift toward unleashing consumption as an alternative driver of growth, Beijing has repeatedly been tempted to lean back on investment when growth has weakened, as seen in its recent economic data.

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