This century is supposed to be China’s century, the result of forty years of hard-won prosperity on the back of tough-minded reform and sacrifice. That still might happen, but the outcome rides heavily on whether a new generation of leaders are able to resurrect the magic of China’s economic exceptionalism.

The Chinese government is in advanced talks with the United States on repatriating five of China's most wanted corruption suspects and will hand over whatever evidence is needed by its U.S. counterparts, the state-run China Daily said on Wednesday.