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Some scholars have described China's economic system as a form of state capitalism, particularly after the industrial reforms of the 1980s and 1990s, noting that while the Chinese economy maintains a large state sector, the state-owned enterprises operate like private-sector firms and retain all profits without remitting them to the government ...
State capitalism is an economic system in which the state undertakes business and commercial (i.e., for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor).
According to party theorists, since China adopted state ownership when it was a semi-feudal and semi-colonial country, it is claimed to be in the primary stage of socialism. [26] Because of this, certain policies and system characteristics—such as commodity production for the market, the existence of a private sector and the reliance of the ...
[85] [86] Many scholars consider the Chinese economic model as an example of authoritarian capitalism, [87] [88] state capitalism [89] or party-state capitalism. [90] [91] China brought more people out of extreme poverty than any other country in history [92] [93] —between 1978 and 2018, China reduced extreme poverty by 800 million. [94]
The state sector is a major part of China's economy, with SOEs accounting for approximately 25% of the national GDP as of 2020. [13]: 6 China's SOEs are among the largest global firms by revenue, and of the 135 Chinese companies on the Fortune Global 500 list (2023), 85 are state-owned.
State capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses. The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the ...
Blending of functions and interests of state and private ownership: In China, the ambiguity surrounding the definition of private ownership has called into question the apparent distinction between state-owned enterprises and private enterprises. At the same time, private enterprises have emerged as key players in supporting the country's ...
Public enterprise state-managed market economy, one form of market socialism which attempts to use the price mechanism to increase economic efficiency while all decisive productive assets remain in the ownership of the state, e.g. the socialist market economy in China and the socialist-oriented market economy in Vietnam after reforms.