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China has come to a new crossroads, where it needs to make important decisions on its future. It has chosen to go for a more efficient and open economy, writes Richard Li

This year marks the 40th anniversary of the decision of Deng Xiaoping, then leader of China, to enshrine “reform and opening up” as one of the country’s fundamental national policies in 1978. Four decades later, 2018 has witnessed another round of grand changes, which will see China open up further.

In March, China adopted a plan to reshape government organizations significantly. “The overhaul is the most comprehensive in recent years, with various ministries and agencies created, combined or dissolved,” says Greg Liu, a partner at Paul Weiss in Beijing.

Greg Liu believes that one important institutional change is the establishment of the State Administration for Market Regulation (SAMR) to replace three former agencies – the State Administration for Industry and Commerce (SAIC), the General Administration of Quality Supervision, Inspection and Quarantine, and the China Food and Drug Administration.

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