With the emphasis on US-China confrontation, many are missing the significant steps by China towards de-regulation.
China’s model of governance, as Edward Tse says in the South China Morning Post, combines “efficient top-down planning with a dynamic + innovative entrepreneurial class”. State-owned enterprises undertake major initiatives which provide the foundation on which private enterprises can innovate + grow.
De-regulation means that the policy requiring foreign carmakers to form joint-ventures with Chinese companies has been abolished. In financial services, BlackRock has the approval to set up a wholly-owned asset management business in China. PayPal has become the first third-party payment platform with 100% foreign ownership in China.
China always intended to open up to foreign investment but not overnight. China had to take it in steps in order to acquire the de-regulation experience to manage this very significant change.
So many people misunderstand China because they see China from a Western perspective. Big mistake. Let the scales fall from their eyes.