Open-mindedness is a trait worth having as it shows flexibility to acceptance of differentiating opinions. Therefore, one question that creates curiosity, is China a Capitalist or Communist Country?
How come the Chinese are able to keep prices down and be more competitive than rivals who are unable to compete at such low prices? What makes the Chinese smarter than the Western world? Did you know more inventions are produced in China than any other country? These are facts that modern society tries to push to the side claiming, yeah, but China is communist.
Though that appears to be true there are certainly many Chinese businesspeople who can boast about their development that has allowed them to become billionaires and bring others to unprecedented levels of success and status. The latest Forbes 35th annual world’s billionaire list confirms there are 626 Chinese billionaires which denotes an increase up from 388 of last year. The owner of Tik-tok to a bottled water mogul are examples of such success!
One might ask if it is true that the Chinese are thriving, and indeed everything points to China’s economy becoming the strongest around the globe. China is a major driver of the eastward economic shift and is expected to become the world’s largest economy by 2030.
Over the past three decades living conditions have improved dramatically for its nation and alleviated millions out of poverty. Parallel to the incredible economic developments China has experienced over the past few decades there have only been limited political reforms. So, one has to ask the question of whether China is a Capitalist or Communist country.
After enormous economic and social changes being unleashed could we describe China as a Communist country with a veneer of market economics or is it a capitalist country with a nominally Communist government? Some say it is both: ‘state capitalism’ with a framework of Communist party rule.
China has gone a long way to becoming a market – capitalist – economy. It has opened up to foreign investment. Its firms compete internationally and make investments overseas. Some Chinese entrepreneurs have global recognition. Day to day economic life operates through markets and farmers have greater ownership rights. There is a sophisticated stock exchange and capital markets for the Chinese people to maneuver like capitalist countries, so how bad is it?
Written by Carl Boniface