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Tuesday, May 28, 2024

China needs capitalism and the capitalists?

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Graham Perry
Graham Perry
Experienced Arbitration Lawyer | China & Chinese Business Affairs | Public Speaker/Lecturer.

In China the focus in recent weeks has been on the re-balanced relationship between China + the Billionaires. It is personalised. Guo Shuqing, China’s top banking regulator, V Jack Ma, the founder of the Ant Group.

This is not about money or personalities but something much bigger for China’s long-term future – a belief that the weaknesses of the market economy can be addressed through strong regulation. It is about Power.

Who is in control in any society – the Capitalists or the Politicians? Who calls the shots? Whose authority is in charge?

Control is not the same as Influence – which the media, everywhere, has in abundance. No, this is about Power. Capitalists know what is best for their company. They do not know what is best for the Nation. And here Ma clashed with the Party + the Party came out on top.

China needs capitalism and capitalists. They have drive, energy and commitment. Capitalism can help build Socialism with Chinese Characteristics but, left to the Capitalists, China would become Capitalist.

China is wrestling with fascinating and far-reaching issues

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