Xi may be moving China to economic system 'that doesn't exist anywhere in the world'
For a long time, analysts chalked Chinese President Xi Jinping's homages to Mao Zedong to "political stagecraft," but a Wall Street Journal examination of Xi's recent writings and speeches suggests they should be taking him much more seriously. It now appears Xi is "forcefully" trying to get China back to Mao's socialist vision, the Journal writes.
It's a strategy that involves much more aggressive state interference in what could someday be the world's largest economy. That marks a change from the past forty years, during which China's leaders have allowed more room for market forces to operate, spurring the growth of the private sector. Xi, though, has increasingly shown himself to be more ideologically-driven than his predecessors, and his rhetoric over the last few years provides a look at his determination to target larger companies and redistribute wealth among the population.
The Journal notes that Xi isn't trying to completely eradicate market forces (for instance, he reportedly wants to allow small-to-mid-size private business to continue to develop), but he wants the Chinese Communist Party to "steer flows of money" and curb the ability of entrepreneurs and investors to make profits to an even greater extent than it already does.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Xi does think he's moving to a new kind of system that doesn't exist anywhere in the world," Barry Naughton, a China economy expert at the University of California, San Diego, told the Journal. "I call it a government-steered economy." Read more at The Wall Street Journal.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Olive oil: alternatives for the 'liquid gold'
The Week Recommends As the price of this store cupboard staple has rocketed, we look at ways to save and other oils to use for cooking
By Adrienne Wyper, The Week UK Published
-
Scotland Yard, Gaza and the politics of policing protests
Talking Point Met Police accused of 'two-tier policing' by former home secretary as new footage emerges of latest flashpoint
By The Week UK Published
-
'Cure for Trump amnesia might be his NY trial'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published