The Chinese leadership has set up an elaborate top-level apparatus to advance the reforms announced at last year’s Third Plenum. This apparatus extends down to local governments and strongly incentivizes local governments to push forward with local reforms as well. However, these reforms are still not well defined, and specific guidance from the top level has lagged behind the creation of “reform leading groups.” The resulting pattern is one of broad movement but relatively slow delivery of actual reform measures. As proposals percolate up from below and “top-level designs” are further fleshed out, we can anticipate an additional protracted stage of bargaining, conflict, and slow consensus-building. Important reforms will emerge over the next few years, but there are also risks that irreconcilable conflicts may emerge or that botched reforms may incite a backlash.