Economic system

Xi could lead China to an economic system ‘that doesn’t exist anywhere in the world’

For a long time, analysts have called Chinese President Xi Jinping’s tributes to Mao Zedong “politically staged”, but a the wall street journal exam recent writings and speeches by Xi suggest they should take him much more seriously. Now it appears that Xi is “forcefully” trying to bring China back to Mao’s socialist vision, the Log writing.

It’s a strategy that involves far more aggressive state interference in what could one day become the world’s largest economy. This marks a change from the past forty years, when Chinese leaders left more room for market forces to operate, spurring the growth of the private sector. Xi, however, has shows up more and more to be more ideological than its predecessors, and its rhetoric in recent years gives a glimpse of its determination to target big business and redistribute wealth among the population.

The Log Remarks that Xi is not trying to completely eradicate market forces (for example, he would like to allow private small and medium-sized enterprises to continue to grow), but he wants the Chinese Communist Party to “direct the flow of money” and limit the ability of entrepreneurs and investors to make even more profits than they already do.

“Xi thinks he’s moving to a new kind of system that doesn’t exist anywhere in the world,” said Barry Naughton, a Chinese economics expert at the University of California, San Diego. say it Log. “I call it a government-run economy.” Read more on The Wall Street Journal.