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Julan Du and Chenggang Xu analyzed the Chinese model in a 2005 paper to assess whether it represents a type of market socialism or capitalism. They concluded that China's contemporary economic system represents a form of capitalism rather than market socialism because: (1) financial markets exist which permit private share ownership—a feature ...
Trade was originally controlled by China's centralized government. However, these special zones are where market-driven capitalist policies are implemented to entice foreign investments in China. In 1986, China then added 14 additional cities to the list of special economic zones.
He wrote that China was a socialist society, but that socialism in China was in its primary stage, [10] a Chinese peculiarity which was due to the undeveloped state of the country's productive forces. [10] During this phase of development, Zhao recommended introducing a planned commodity economy on the basis of public ownership. [10]
China's banking sector is dominated by four large state-owned banks, which are largely inefficient and monopolistic. [154] China's largest bank, ICBC, is the largest bank in the world. The financial sector is widely seen as a drag on the economy due to the inefficient state management. [155]
The instance that globalization is not fixed in nature, comes from Deng's insistence that China can pursue socialist modernization by incorporating elements of capitalism. [69] Because of this there is considerable optimism within the CCP that despite the current capitalist dominance of globalization, globalization can be turned into a vehicle ...
Party-state capitalism (simplified Chinese: 党国资本主义; traditional Chinese: 黨國資本主義) is a term used by some economists and sociologists to describe the contemporary economy of China under the Chinese Communist Party (CCP).
He describes China's economic model as a "three-tier enterprise system consisting of large, central government firms; hybrid local and foreign firms; and small-scale capitalism." On the politics side, though security apparatus is essential to the CCP, CCP has initiated some reforms, unlike the dictatorships in North Korea and the Middle East.
Capitalism is an economic system based on the private ownership of the means of ... sector in the People's Republic of China has grown exponentially and thrived since ...