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Within the span of a generation, a new super-rich class emerges from a society in which millions of rural migrants toiled away in factories for a pittance.

Bribery becomes the most common mode of influence in politics. Opportunists speculate recklessly in land and real estate. Financial risks simmer as local governments borrow to finance railways and other large infrastructure projects. And all of this is happening in the world’s most promising emerging market and rising global power.

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