HONG KONG -- At the very beginning of the Chinese stock market crisis in late June, many investors felt there were problems mostly related to liquidity issues. But gradually the concerns have grown to encompass more than the market itself. People have begun to talk about whether the government is capable of handling the stock market crisis, and whether this may end up as a broader crisis of governance.
In the political arena in China at this moment, "the rule of law" is the most fashionable topic. The Fourth Plenary Session of the 18th Central Committee of the Communist Party of China which was held from Oct. 20 to 23 adopted the decision on major issues concerning comprehensively advancing rule of law in China. For the first time, the ruling party of China dedicated an entire plenary session to such a topic.