How can China be socialist if it has a stock market? Understanding the Chinese economy
China describes its system as a "socialist market economy". How does that work? What is the role of its stock exchanges? Ben Norton explains Socialism with Chinese Characteristics in this video.
China describes its system as a "socialist market economy". How does that work? What is the role of its stock exchanges?
Geopolitical Economy Report editor Ben Norton explains Socialism with Chinese Characteristics in the following video:
A podcast version is available here as well (although the various accompanying charts will not be visible):
These are the timecodes of the topics addressed:
0:00 Intro
1:11 Deng Xiaoping & China's "Reform & Opening Up"
4:06 Socialism with Chinese Characteristics
5:17 China's economic growth & poverty reduction
7:42 How state-owned enterprises (SOEs) run China's economy
10:09 Chen Yun & the "birdcage economy"
11:39 SOE share of China's GDP
13:37 China's largest companies are SOEs
14:53 Socialist market economy
16:02 "Grasp the large, let go of the small"
17:42 "Managed competition" in China
19:50 Billionaires in China
20:43 China's stock markets
27:17 (Clip) Western financial analyst says China rejected Washington Consensus
30:43 (Clip) Bloomberg complains "China doesn't care about the stock market"
32:10 Differences between US & Chinese economies
33:33 (Clip) Investor explains China's stock market is not priority for government
36:56 China's economic policy is made for workers, not investors
45:55 US financialized capitalism vs. Chinese socialism
46:33 US stock market is 60.5% of entire world
47:13 Richest 10% of Americans own 93% of stocks
47:52 Global oligarchs hold wealth in US stock market
48:31 China's pursuit of "common prosperity"
51:49 Outro
I am shocked and appalled that Xi Jin Ping and official Chinese policy do not give a toss about the agonising concerns of the Chinese megarich and their stock portfolios, luxury cars, yachts and mansions.
Instead their authoritarian regime pathetically pander to the Chinese poor and working classes to provide secure food, shelter and utilities, not to mention affordable high quality healthcare, transport and education to the majority. I mean, how undemocratic can you get?
Also Chinese police do not randomly brutalise and imprison their people which shows how weak their law enforcement is. Chinese police only target corrupt officials and criminals, unlike the USA where bribery is legal and criminals rise to the top unmolested, as befits the greatest democracy the world has ever seen.
China bad, China bad, China bad.
We need to start a war with China to set them right.
Thanks for the video Ben! I asked a question asking exactly this in one of your past articles, so this really helps!