Unpacking the suite of policy changes in China over recent weeks is a major challenge for investors. The first issue to consider is the restructuring of the education system.

Although it seems a tenuous link, this is also related to the wrestling of control of big data away from commercial operators. Both of these policy actions are related to the idea of common prosperity which in itself is a policy implementation of the objective to achieve moderate prosperity.

Key to achieving these objectives is the importance of sovereignty. All of this is wrapped around the access to capital in ways that reduce sovereign risk and break the stranglehold of traditional financing.

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