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Xi's $300 billion stimulus playbook elevates Beijing's control

A man looks on from a viewing platform in front of residential buildings in Chongqing, China, on May 31, 2016. Photo: Qilai Shen/Bloomberg People walk through the "Red Beans Mansion" resort and theme park, on the site of a former coal mine, near Gujiao, Shanxi province, China, on May 18, 2016. Photo: Qilai Shen/Bloomberg

In Xi Jinping's China, all roads lead to Beijing.

Or so it seems, as the president tightens central controls on everything from local authorities to state-owned enterprises to the military. When it comes to the economy, stimulus is now importantly being channeled through a handful of government lenders...

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