China’s Ministry of Finance recently established a new debt management department, unifying the management of government debt quotas, issuance and redemption. What appears to be a simple adjustment reflects a profound shift in China’s economic governance.To counter the impact of the 2008 subprime mortgage crisis, China launched a 4 trillion yuan (US$563 billion) stimulus plan, shifting its growth model from exports to investment. From 2009 to 2014, growth was mainly driven by infrastructure...