Global economies and markets have been supported in the last nine years by a succession of liquidity
injections by global central banks, increasing overall access to financing and lowering investors» risk - aversion.
If this is true,
by the way, it means that attempts at implementing liberalizing reforms are successful mainly during periods of great
global liquidity, and this might have implications for China, especially if over the next few years
global central banks begin to withdraw the huge liquidity
injections that have underpinned asset bubbles around the world.