onsdag 22. desember 2021

Sara Hsu: China’s Long-Term Economic Direction

As geopolitical conflict between the United States and China continues to grow, some China watchers have called into question the country’s economic direction. It could be said that China’s economic trajectory is the least clear it has been in decades, as China moves from a period of rapid growth and reform to what it deems “high-quality” growth and development. Due to the strong guidance of Xi Jinping, the best way to understand China’s long-term economic direction is through the words of its president.

So, what can we say about Xi? Xi Jinping is heavily guided by Marxist theory, particularly as viewed through a Chinese lens. While Marx called for capitalism to be entirely overturned, the first leader of economic reform in China, Deng Xiaoping, stated, “Both planning and the market are economic means. The essence of socialism is to liberate the productive forces, develop them, and eliminate them. Eliminate exploitation, polarization, and ultimately achieve common prosperity.”

Xi has clearly stated that China will move away from its previous economic trajectory beginning in 2021, and this is what has happened.