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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).
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 ...
The Chinese experience with socialism with Chinese characteristics is frequently referred to as a socialist market economy where the commanding heights are state-owned, but a substantial portion of both the state and private sectors of economy are governed by market practices, including a stock exchange for trading equity and the utilization of ...
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.
State capitalism, Bremmer explains, is a system in which governments use markets to create wealth and advance their political interests. In China, Russia and Saudi Arabia the state controls key ...
A second prominent feature of Chinese party-state capitalism is the expansion of state capital beyond state-owned enterprises, a process that scholars have termed "state financialization". Another manifestation of party-state economic activity was the evolution of the scope of industrial policy.
[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-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of various other industry-specific ministries. [ 1 ]