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Mon, 26 Apr 2021 19:07   Zhou Xin

Why the socialist element of China’s market economy is important

China’s “socialist market economy”, which mixes public ownership and state guidance with aspects of the market, has propelled the nation from an economic backwater into the global engine of growth in about four decades.But it is also an idea with inherent contradictions. In orthodox economic terms, being socialist requires that Beijing dominate the means of production, which can include land, machines, raw materials, capital and data. That contradicts the key pillar of a modern market economy:…

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