In Communist China, Reform Is a Dead End

A Chinese paramilitary policeman reacts outside the opening session of the Chinese Communist Party's five-yearly Congress at the Great Hall of the People in Beijing on Nov. 8, 2012. MARK RALSTON/AFP/Getty Images

Xiang Songzuo, deputy director and senior fellow at the Center for International Monetary Research at China’s Renmin University, delivered a speech on Dec. 16 that detailed a series of problems afflicting the Chinese economy.

His prognosis is much more gloomy than what the Chinese Communist Party (CCP) is willing to admit.