A trenchant analysis. I’m inclined to agree with the “yawn” contingent, mostly because the CPC under Xi Jinping has made it clear that politics is the most important criteria.

This is not to say that politics does not affect monetary and fiscal policy in the United States.

It does however underscore the disparity of credibility between China and the United States in this (and other areas)—notwithstanding the extent to which the United States has taken advantage of the privilege granted by using a fiat currency (spending beyond its means, running an unsustainable fiscal policy—for decades, failing to grasp the nettle when it comes to tax reform).