China's new economic growth plan isn't really a plan at all

The Chinese government outlined on Monday its plan to boost the country's sluggish economic growth, but experts say it fell short of the kind of transformative strategy necessary to fix the country's debt and consumer confidence crises. China has enjoyed miraculous economic expansion for the past few decades, solidifying itself as a global power and building an emergent middle class. It achieved that growth through a blend of the governing regime's Communist principles and a strategic embrace of the free market, creating a novel form of state-guided capitalism that ushered in a new era of economic prosperity. Recent economic stagnation,…