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The Painstaking Challenge of Corporate Governance in China

Stephen Davis and Jon Lukomnik | September 1, 2015

for DeAnnIn a late summer surprise, “China” emerged as the scariest word in capitalism.

As investors now know too well, a surprise devaluation in the yuan brought into high focus long-standing questions over the quality of the country’s financial data, as well as the ability of Beijing to manage tensions between Communist Party control and freer markets. The result was a vertiginous plunge in share prices.

Add worries over systemic corruption, excessive debt, social unrest, and an aggressive foreign policy, and the Chinese market’s crash seems—at least in hindsight—not only understandable, but inevitable. Global...

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