Internet News World

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot
    July 2, 2023

    Advice | Carolyn Hax: A favor between friends spirals into a complaint triangle – The Washington Post

    July 2, 2023

    Longtime Chicago DJ Richard 'Dick' Biondi dies at 90 – Chicago Tribune

    July 2, 2023

    Young & Restless Preview: Sharon Asks Nick to Get His Hands Dirty — and Victor Gives [Spoiler] a Serious Warning – Soaps.com

    Facebook Twitter Instagram
    Trending
    • Advice | Carolyn Hax: A favor between friends spirals into a complaint triangle – The Washington Post
    • Longtime Chicago DJ Richard 'Dick' Biondi dies at 90 – Chicago Tribune
    • Young & Restless Preview: Sharon Asks Nick to Get His Hands Dirty — and Victor Gives [Spoiler] a Serious Warning – Soaps.com
    • Seth "Freakin" Rollins addresses Damian Priest: Money in the Bank 2023 Press Conference highlights – WWE
    • Liv Morgan, Shotzi and more WWE Superstars give back to the London community – WWE
    • The Usos vs. Roman Reigns & Solo Sikoa – The Bloodline Civil War: Money in the Bank 2023 highlights – WWE
    • Darren Drozdov, a Former Pro Wrestler, Dies at 54 – The New York Times
    • Cody Rhodes vs. Dominik Mysterio: Money in the Bank 2023 highlights – WWE
    Facebook Twitter LinkedIn Pinterest RSS
    Internet News World
    • Home
    • Breaking
    • News
    • Gadgets
    • Foodies
    • Featured
    • Entertainment
    • Lifestyle
    Internet News World
    You are at:Home»Top Stories»Beijing’s turn away from market reform sparks viral debate on economic agenda

    Beijing’s turn away from market reform sparks viral debate on economic agenda

    0
    By News Staff on October 21, 2022 Top Stories


    Deng Xiaoping ushered in capitalism in communist China with his famous maxim, “Get rich first.” 40 Years Later, Will Xi Jinping Decide ‘The Rich Are Too Rich’?

    China is gearing up for an abrupt end to years of investment- and export-stimulated growth. The slowdown is exacerbated by the controversial Corona Zero Policy, the snowballing real estate sector crisis, and the choking of access to critical technology by the Biden administration.

    As growth slows, hopes are rising that President Xi Jinping will focus on redistribution and improve living standards for most of China’s 1.4 billion people.

    In his opening remarks at the Chinese Communist Party’s five-year congress on Sunday, Xi accused the party’s elite of “hedonism” and “excessive spending,” calling it “a means of accumulating wealth” and “excess income.” promised to monitor

    The remarks reignited a cautious debate about Xi’s economic policy wisdom and the uneasy relationship between the ruling party and the companies that underpin the growth of China, the world’s second-largest economy.

    Xi Jinping arrives at the opening ceremony of the Communist Party of China Congress on Sunday
    Xi Jinping is entering an unprecedented third term as China’s leader © Mark Schiefelbein/AP

    Controversial issues include not only whether China should pursue a “people-oriented economy,” that is, a state-led, self-reliant and patriotic economy, but also whether it should reduce social inequalities and reduce cultural vices. It also includes Xi Jinping’s overarching “common prosperity” vision for crackdown purposes. It’s curbing the excesses of big business and China’s ultra-rich.

    “Can we solve China’s problems by relying solely on theories brought in from the West? I don’t think so. But can China’s problems be solved by Chinese theories alone? This is an even bigger mistake. ,” said Wang Xiaolu, deputy director of the National Economic Research Institute, an independent Beijing-based think tank, in a recent interview with Chinese financial media.

    “People-oriented” and “people-first” appear more frequently in official statements such as those of the People’s Bank of China and the Ministry of Finance. The phrase originated among Chinese academics and party leaders in the early 1950s, and marks a different development path than the Western capitalist system.

    In the weeks leading up to the Party Congress, 71-year-old Wen Tiejun, an agricultural economist at Renmin University of China, promoted the concept. Wen suggested that China’s economy is meant to serve its sovereignty, develop independently, and be driven by state-led conglomerates.

    A transcript of Wen’s remarks was widely circulated through WeChat message groups, China’s largest social media platform, but censors removed the content days before Congress.

    But the comments stand in for fears that market-oriented reforms will be sidelined as President Xi Jinping enters an unprecedented third term.

    “Marketization is an inevitable process of human development. We should cherish, but not resist, the technological, ideological and institutional wealth shared by mankind,” said Wang. Told.

    Xiang Songzuo, director of the Shenzhen-based Greater Bay Area Institute of Finance, said that Premier Wen’s promotion of a “people-centered” theory “has a great impact on other countries’ historical developments, as well as China’s reforms and reforms.” It doesn’t match my experience,” he said. Liberation in the last 40 years”.

    “We are deceiving the people in the name of the people,” he said of Wen’s theory.

    Xi on Sunday reaffirmed that economic development is a priority for China. But he also targeted security and the “people first” agenda.

    He reiterated that both state-owned and private companies are important and that the party should show “unwavering” support for the latter, striking a more balanced tone than many analysts had expected. .

    Still, his use of “people-oriented” has stoked unrest among reformers amid growing concerns about the enormous economic challenges facing the president and his economic planners.

    Recommended

    Xiang warned that the popularity of Wen’s statement reflected a “psychosocial imbalance” between various social camps rooted in “hate of the rich.”

    “The country has not yet put in place a system to respect individual rights, especially private property rights. must be used,” referring to Deng’s distinctive policies that transformed China.

    Among the more important guidelines from the Party Congress are strengthening industrial policies with more financial support and subsidies, placing greater emphasis on national security, and the role of the state in the economy in order to achieve self-sufficiency. There is a plan for Xi to concentrate, Natixis said.

    “This means that the role of private companies may be curtailed,” said Alicia García Herrero, chief Asia-Pacific economist at the French bank. She added that state-owned enterprises may also need to do more and earn less to fulfill their social responsibilities.

    Recommended

    Christopher Marquis, an expert on the Chinese economy at the Cambridge Judge Business School, carefully considers the “mechanisms” for achieving wealth distribution, suggesting that “at the high end of the economy, productive and innovative We need to ensure that parts of the world are not killed by the Chinese economy,” he said. Redistribution”.

    “The principle of trying to extend China’s economic successes over the last 40 years to developing cities and rural areas is a good strategy in theory,” Marquis added. “But as we’ve seen how it’s implemented, it’s very pushy on the rich.”

    Additional reporting by William Langley of Hong Kong



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    News Staff
    News Staff
    • Website

    Related Posts

    Advice | Carolyn Hax: A favor between friends spirals into a complaint triangle – The Washington Post

    Longtime Chicago DJ Richard 'Dick' Biondi dies at 90 – Chicago Tribune

    Young & Restless Preview: Sharon Asks Nick to Get His Hands Dirty — and Victor Gives [Spoiler] a Serious Warning – Soaps.com

    Don't Miss
    Top Stories
    July 2, 20230

    Advice | Carolyn Hax: A favor between friends spirals into a complaint triangle – The Washington Post

    Advice | Carolyn Hax: A favor between friends turns into a complaint triangle The Washington PostAdvice…

    July 2, 2023

    Longtime Chicago DJ Richard 'Dick' Biondi dies at 90 – Chicago Tribune

    July 2, 2023

    Young & Restless Preview: Sharon Asks Nick to Get His Hands Dirty — and Victor Gives [Spoiler] a Serious Warning – Soaps.com

    July 2, 2023

    Seth "Freakin" Rollins addresses Damian Priest: Money in the Bank 2023 Press Conference highlights – WWE

    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Our Picks
    July 2, 2023

    Advice | Carolyn Hax: A favor between friends spirals into a complaint triangle – The Washington Post

    July 2, 2023

    Longtime Chicago DJ Richard 'Dick' Biondi dies at 90 – Chicago Tribune

    July 2, 2023

    Young & Restless Preview: Sharon Asks Nick to Get His Hands Dirty — and Victor Gives [Spoiler] a Serious Warning – Soaps.com

    July 2, 2023

    Seth "Freakin" Rollins addresses Damian Priest: Money in the Bank 2023 Press Conference highlights – WWE

    Subscribe to Updates

    Get The Latest News & Information From Internet News World

    About Us
    About Us

    Internet News World Is Your Best Source For Daily News Information & Trusted Reporting. We work hard to ensure our reporting and information is accurate, fair and based on real journalism you can trust. In a world filled with inaccuracies, bias and false information, turn to Internet News World for your daily digest of the news that matters most.

    Copyright © 2023 Internet News World - ALL RIGHTS RESERVED
    • Home
    • Contact us
    • DMCA
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.