The “two sessions” in March did not produce any surprises: the reappointment of President Xi Jinping shows his desire to hold onto the reins of the party and the state as long as possible, in the name of “security” and “stability.” The future of the Dragon passes through an increasingly acute competition with Washington and the search for a role as a reference point for the Global South. But to preserve its economic growth, Beijing must choose between two paths: renewed and centralized state control over the economy, or reforms.