China's Socialist Market Economy described by capitalist (AP) press:
"Beijing's communist authorities 'have lots of levers they can pull, unlike U.S. authorities.'"
"The government owns most of the biggest companies and banks. It controls the currency.
"Chinese policymakers can also order state-owned banks to lend if the economy slows much. They can command local governments to keep workers busy building roads and bridges."
Yes, China IS socialist, even if at an early stage of socialism. Do capitalist multinationals operate in China? Of course they do! But this does not in and of itself make China a capitalist country. The Soviet Union in the 1920s under Lenin's leadership also made necessary arrangements with global capitalist enterprises during the New Economic Period, in the interest of economic development, while maintaining control of the "commanding heights of the economy". The same appears true of China. China is a developing country. A developing socialist country. And YES, socialism can work!
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