Since Mao Zedong’s death in 1976, Chinese leadership transitions have, like clockwork, been accompanied by a big jump in government spending.
Despite concerns about the country’s current slowdown, there are signs that this politics-fuelled investment boom will reassert itself next month when a new cast of officials takes over at both central and local levels.
“The connection between the economy and the government transition is extremely close in China, perhaps even closer than it is in western countries,” says Cai Hongbin, dean of Peking University’s Guanghua School of Management.
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