The attached report from Dr Shen is important as there has been some media coverage suggesting the problems may be slowing resolve to transition the economy to a market economy with state guidance, and based increasingly on domestic consumption. This analysis of the key Reform Commission suggests the opposite – acceleration of transition. This is an important signal and the reason for the formation of this Commission – we are watching the world’s biggest economy change in front of our eyes. Can we see where it is headed? I would recommend study of Adam Smith as he appears to influence their thinking.