Quality of governance essential

Balancing institutional innovation and order will lay foundation for China to sustain its economic growth

During three decades of favorable global economic conditions, China established an integrated global production system that was unprecedented in scale and complexity.

But now policymakers must deal with the triple challenges of the unfolding European debt crisis, slow recovery in the United States, and a slowdown in secular growth in China's economy. All three are connected, and mistakes by any of the parties could plunge the global economy into another recession.