China faces huge challenges and will need to make major economic, political and social reforms as it navigates through the “middle-income trap” that has affected many once-fast-growing developing countries. The United States, on the other hand, remains the world’s most innovative economy with a dynamic and growing society. It simply needs some common-sense policies on a range of issues, such as infrastructure, entitlements and immigration. And yet it’s hard to foresee progress on any of these fronts in the next few years in Washington.
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