Can China Save Itself from Crony Capitalism?

By any measure, China’s inequality in wealth and income has risen at an alarming pace, reaching new heights in recent years. A Peking University study conducted in 2017 found that the poorest 25 percent of households owned just 1 percent of the country’s aggregate wealth. This stood in stark contrast with the richest 1 percent, who owned a third.

Accordi…