Socialism with Chinese characteristics tends to develop into capitalism. As the Chinese market economy develops, economic interests have been increasingly diversified, and thus the ideological discourses are also changing. There will be further theoretical and policy-related debates over whether or not China should adhere to socialism. Rightist elites will undoubtedly wage new wars against SOEs and propose furthering privatization.
For the Chinese Communist Party, an enduring social compact with its people is still a long way off. When it comes to economic management, though, the assumption is that China’s authoritarian leaders are streets ahead, since they have to deliver prosperity to remain in power.
The problem is not the growth level itself, since the world’s second-lar
Показать всеgest economy is presumably still tracking for about 7 percent to 8 percent expansion in 2012. The concern is that all drivers of GDP growth appear to be faltering. There was once almost blind consensus in the West that authoritarian politics was good for China’s economy. This is now increasingly being called into question, and with good reason. The mantra for several years has been to “rebalance” the Chinese economy. This means avoiding overreliance on fixed investment and exports and shifting toward greater reliance on domestic consumption to drive GDP growth.
Theoretical studies and propaganda are important; nevertheless, ideological rhetoric will be useless if the socialist campaign has no real power. With the deepening of the worldwide capitalist crisis and the awakening of the Chinese working class and their rising level of organization, the changes in Chinese socioeconomic structures may light the way to a socialist future.
If China wants to be treated as a market economy it has to prove to the EU that it is one by satisfying the five criteria. The granting of market-economy status to China is not automatic now or in 2016 or afterwards. Скрыть
China, the fourth largest country in area after Russia, Canada and USA has experienced manifold changes in its economic system which has seen it become the second largest economy in the world after USA if measured on the Purchasing Power Parity (PPP) scale. But still considered as an emerging economy as per capita incomes fall in the lower-middle level, China is making its presence felt in the global stage by taking big strides in opening up its economy to international trade.
China has been achieving an impressive rate of development of its economy and increase in its regional/global economic and political influence. There has been speculation about its future potential to act as a major driver of the global economy, and whether its methods will provide the model that othe
Показать всеrs will now seek to emulate. Скрыть
1. Economic and political structure of China 4
2. China market economy 13
3. Radical political economics in China 16
1. Against the law: Labor protests in China’s rustbelt and sunbelt. University of California Press. Li, Minqi. 2011.
2. An, T. and H. Wang (2012), “Research of China Housing Market Development and Real Estate Tax System Reform”, Jingji Yanjiu Cankao (Review of Economic Research), Vol. 26, № 43.
3. Arnold, J., B. Brys, C. Heady, Å. Johansson, C. Schwellnus and L. Vartia (2011), “Tax Policy for Economic Recovery and Growth”, Economic Journal, Vol. 121, Issue 550.
4. Bernard O’Connor. Market-economy status for China is not automatic, 27 November 2012: http://www.voxeu.org/article/china-market-economy.
5. Chang, Ha-Joon. 2011. State-owned enterprise reform. UNDESA National Development Strategies Policy notes: http://esa.un.org/techcoop/documents/PN_SOEReformNote.pdf.
6. China`s de
Показать всеvelopment: assessing the implications: http://cpds.apana.org.au/Teams/Articles/china_as_economic_engine.htm.
7. Competing economic paradigms in China. Working paper for the 3rd International Confederation of Associations for Pluralism in Economics (ICAPE).Gao, Liang. 2012.
8. Conway, P., T. Chalaux and R. Herd (2010), Reforming China’s Monetary Policy Framework to Meet. Domestic Objectives, OECD Economics Department Working Papers, № 768.
9. Fan, J.P.H., J. Huang, F. Oberholzer-Gee, T. Smith and M. Zhao (2011), “Diversification of Chinese Companies: An International Comparison”, Chinese Management Studies, Vol. 2, Issue 1.
10. Foreign Economic Policy-Making in China: http://www.idsa.in/system/files/strategicanalysis_ravi_0905.pdf.
11. Herd, R. 2010, “A Pause in the Growth of Inequality in China?”, OECD Economics Department Working Papers, № 748.
12. Kotz, D. Foreign capitals’ merger and acquisition in China and China’s economic security. 2011: http://www.globalview.cn/ReadNews.asp?NewsID=20647.
13. Song, Lei, and Xiaodong Sun. 2011. On the potential political economics meanings of the socialist market economy. Academic Research. The World Bank. 2012.
14. Symposium Report: The Market Economy in China: http://global.tokyofoundation.org/en/news/article/n08050701/view.
15. Tang, B.S., S. W. Wong and S. C. Liu (2010), “Institutions, Property Taxation and Local Government Finance in China”, Journal of Urban Studies, Vol. 17, № 4.
16. Teaching under China’s Market Economy: Five Case Studies: http://issuu.com/educationinternational/docs/study_on_china.
17. The view of this growth as miraculous arises from a macro-economic perspective. See Robert E. Lucas’ lecture, “Making a Miracle” in his collection Lectures on Economic Growth, Cambridge, Mass., Harvard University Press, 2012.
18. Xie, Fusheng, An Li, and Zhongjin Li. 2012. Guojinmintui: A new round of debate in China on state versus private ownership? Science & Society. 76 (5), July.
19. Zhang, Chen, and Zhang Yu. 2012. Is the efficiency of state-owned enterprises low?” Economist (2): 16-25.
20. Zhou, X. (2010), “Macro-Prudential Policy – An Asian Perspective”, Opening remarks of the Governor of the Peoples’ Bank of China at the High Level Seminar on “Macro-prudential policy: Asian perspective”, Shanghai, 18 October. Скрыть
Nevertheless, despite the dominance of Industries in the composition of China’s GDP, Services is catching up quickly – and may overtake Industries by the end of the year. In 2012, Services accounted for 44.6 percent of China’s GDP, just 0.7 percentage points behind Industries. Comparatively just three years ago, that gap was 8.1 percentage points wide5.
China's services output in 2010 ranks third worldwide (after US and Japan), and high power and telecom density has ensured that it has remained on a high-growth trajectory in the long-term6. The surge in services also reflects the ongoing rebalancing of Chinese demand away from exports and towards consumption. Because services tend to be labour-intensive, their expansion may also encourage faster job creation, higher wages and greater ho
Показать всеusehold spending.
The United Nations Conference on Trade and Development expects the service industry to help lift the world economy. One way China's supporting the services sector is with lower taxes, through the VAT tax reform pilot for service industries1. The growing internationalization of the yuan could also advance its financial and banking system. With two stock exchanges (Shanghai Stock Exchange and Shenzhen Stock Exchange), mainland China's stock market has been forecasted to become the world's third largest by 20162.
Finally, Agriculture accounted for 10.1 percent of China’s GDP in 2012. The economic reforms introduced in 1978 saw China de-collectivize agriculture, yielding tremendous gains in production as a result.3
Today, China is the world's largest producer of agricultural products – ranking first in the world for rice, wheat, potatoes, sorghum, peanuts, tea, millet, barley, cotton, oilseed, pork, and fish4. About 300 million Chinese are employed in the agriculture sector – making up 34.8 percent of the labour force5.
China is a country of many political parties. Apart from the Communist Party of China (CPC) which holds real power, there are eight non-Communist parties.
Following the First Plenary Session of Chinese People's Political Consultative Conference (CPPCC) in September 1949, participate by CPC and other democratic parties, the People's Republic of China was elected and founded. Since then, all the non-Communist parties participated in important decisions concerning the state's political issues; and many members of the non-Communist parties have been represented in CPPCC committees in various levels.6
Many members of the non-Communist parties hold leading posts on the standing committees of the people's congresses, the committees of CPPCC, government organizations and economic, cultural, scientific and technological departments at various levels. The non-Communist parties of China are not the opposition parties, but parties that coexist and engage in mutual supervision with CPC.
Founded in July 1921, the CPC has more than 60 million members today1. From 1921 to 1949, the CPC had led the Chinese people in overthrowing the rule of imperialism, feudalism and bureaucrat-capitalism with the establishments of the People's Republic of China (PRC)2. After the founding of New China, the CPC had led the people in defending the country's independence and safety, and had successfully completed the country's transition from new democracy to socialism3.
Unprecedented large-scale socialist constructions have since been carried out systematically, achieving economic and cultural progress unparalleled in the history of China.
In September 1997, the CPC convened its historically significant 15th National Congress, where the Deng Xiaoping Theory was declared as the guiding ideology of the whole Party4.
The Congress has identified the period up to year 2010 as the key period for China's modernization drive5. China is expect to actively promote fundamental changes in the economic structure, to establish a socialist market economy that is able to sustain steady and rapid development of the economy. These will lay a solid foundation to realize the country's modernization in the middle of the next century.
The highest leading bodies of the Communist Party of China are the national Party congress (which is held once every five years) and the Central Committee elected at the national Party congress6. The Central Committee holds a meetings at least once a year. The Central Political Bureau (Politburo), the Politburo's Standing Committee and the general secretary of the Central Committee are elected at a plenary session of the Central Committee, which decides on members of the Central Secretariat. The Central Bureau and its Standing Committee exercise the functions and powers of the Central Committee when it is not in session. The Central Secretariat attends to the day-to-day work of the Politburo and its Standing Committee. The Central Committee's general secretary is responsible for convening meetings of the Central Political Bureau and its Standing Committee, and directs the work of the Central Secretariat. Hu Jintao is the current general secretary.
China Revolutionary Committee of the Kuomintang. Founded in January 1948, the party has more than 60,000 members1. The current Central Committee chairman is He Luli. It is for the most part composed of former Kuomintang members and those who have historical connections with Kuomintang2.
China Democratic League. Founded in October 1941, it now has more than 144,000 members, mostly intellectuals at fairly senior levels3. The current Central Committee chairman is Ding Shisun.
China Democratic National Construction Association. Founded in December 1945, this party has more than 78,000 members, most are from the economic field or academic specialists. The current Central Committee chairman is Chen Siwei4.
China Association for the Promotion of Democracy. Founded in December 1945, this party currently has more than 74,000 members5. Its membership is mainly drawn form intellectuals working in educational, cultural, scientific and publishing fields. The current Central Committee chairman is Xu Jialu6.
Chinese Peasants and Workers' Democratic Party. Founded in August 1930, it currently has more than 74,000 members1, most of whom work in the fields of public health, culture and education or science and technology. The current Central Committee chairman is Jian Zhenghua.
China Zhi Gong Dang. Founded in October 1925, this party currently has more than 18,000 members2. Most of them are returned overseas Chinese, relatives of overseas Chinese, and representative individuals and specialist and scholars with overseas connections. The current Central Committee chairman is Luo Haochai3.
Jiusan Society. Founded in December 1944, this party currently has more than 78,000 members4. They are mostly high-and-medium-level intellectuals working in science and technology, culture and education, public health. The current Central Committee chairman is Han Qide.5
2. China market economy
The main difference between a market economy and a command economy is that a market economy is generally free from government control while a command economy is planned at practically every stage by governmental forces. In a market economy, production levels and prices for goods and services are determined by the producers themselves based on the demand for those goods and services1. By contrast, elements like production levels, prices, and even wages in a command economy, also known as a planned economy, are determined by government overseers. Most economies in the world actually possess characteristics of both types and are known as mixed economies2.
Essentially being a closed economy since the days of Mao Zedong, the Communist state of China experienced a transition from a planned economy to a market economy when Deng Xiaoping came to power in 19783. Since then, China has seen a more than ten fold increase in its GDP (Gross Domestic Product) from that year. But the question still remains at large whether the Chinese economy has been able to shed off its previous image of excessive state controls and moved to a stage of total efficiency in its market economy.4
A recent study showed that the Chinese economy has achieved a level of 73% marketization of its economy judged by the parameters perceived important by the USA and the European Union5. The stability of the equity market and the stock exchange scenario, the interest rate and currency are some of the features that prove the country has been doing well on the economic front over the last quarter of a century6. The increased autonomy given to the State Owned Enterprises (SOE’s) and freeing them from the clutches of excessive government control is also a positive sign that the economy is picking up1. That the domestic private enterprises are also doing well is evident from the fact that most of them are now listed in bourses in the cities of Shanghai and Shenzhen in southern China. Another feature essential to the improved performance of the market economy in China has been the removal of monopoly from the traditionally government controlled sectors such as telecommunication, electricity supply, railway transportation and civil aviation and allowing for more domestic and foreign equity participation2. Besides, the diversified banking system and sale of equity of state-run banks to foreign investors in international exchange and bond markets show that China is on path to rapid economic expansion.3
China is now the investor’s destination with more and more foreign investors coming to the region because of its socio-political and economic stability. Stable interest rates have also meant that 'capital flight' is now minimal from the Chinese economy. Foreign investment has produced millions of urban jobs and institutional infrastructure which gas helped in domestic technological innovation. China is now the one of the largest exporters in manufactured electronic goods and textile products. Internet usage has grown so rapidly that internet users crossed 100 million in 20054. As a mark of its improved performance, China also revalued its currency by 2.1% against the US dollar in July 2005 and moved to a new exchange rate system which references a basket of currencies5. China also had the largest recorded current account surplus in 2006 of nearly $180 billion.6
But the effect of the market economy in China is still only restricted to consumer goods whose prices are market determined with the remaining still in the purview of a planned economic system. More so, the labor market not yet totally regulated with many inter-state controls on the movement of labor still present. Wage rates are not totally market determined and issues like Intellectual Property Rights protection are inadequate for supporting technological innovation1. China needs to adopt the policy of market economy 'heart and soul' as one Chinese government official said.2
The tragic feature of the Chinese economy is the presence of 'surplus labor' in rural areas. Agriculture still employs about 45% of the population with only 12% accounting for its GDP share3. Growth with foreign capital has been limited to coastal provinces with the government failing to sustain the rural poor. About 10% or 130 million of the Chinese population still lies below the poverty line4. Industrial production is rising at the healthy rate of 22% with inflation rate at consumer prices being restricted to 1.5%5.
The challenges that thus lie in front of the Chinese government is to check the increase in rural unemployment with large areas of arable land falling prey to industrialization and ensuring sufficient job creation for new entrants to the labor-force and people laid off from state enterprises. The Chinese economy has been accused of corruption prevalent among government officials who think they are superior to the common man. Efforts should also be taken to check the environmental deterioration-especially air pollution, soil erosion and steady fall of the water table in areas of North China.
Thus as the Chinese premier Wen Jiabao said recently that 'market economy can exist within Socialism too, the socialistic ethos should be upheld such that every individual gets his due share in this era of one sided economic prosperity.'6
3. Radical political economics in China
The recent round of debate over China’s state and private economy has fundamentally touched upon whether or not China should abandon or strengthen the socialist elements within the market economy.
In 2009, two large cases of business reconstruction caught much attention in China1. One was the takeover of the private Rizhao Iron and Steel Mill by the state-owned Shandong Iron and Steel Group; the other was the nationalization of small private coal mines in Shanxi Province. At the same time, while the recent global crisis heavily hit China’s private economy, China’s four-trillion-yuan ($585 billion2) stimulus package has focused almost exclusively on the state sector3. These events triggered a new round of attacks from the rightist elites on the state econ-omy, followed by a wide-ranging debate among Chinese intellectuals, policy advisors, and government officials (2012). 4
The most sensational arguments against state-owned enterprises (SOEs) were put forward in a 2011 report on China’s SOEs published by the Unirule Institute of Economics, China’s most influential non-governmental economic think tank5. The issues of contention were whether or not SOEs are efficient, monopolistic, and/or deteriorating the income distribution. People were sharply divided between the right and the left. The debate intensified in early 2012, when the World Bank and a Chinese Cabinet think tank published a new report titled “China 2030,” which called for further downsizing the share of SOEs in industrial output from twenty-seven percent in 2010 to around ten percent in 2030 (World Bank 2012) 6. This was, by no means, a new prescription. Fifteen years ago, along with the report titled “China 2020” also from the World Bank, China witnessed a full-scale privatization of SOEs and market liberalization1. Скрыть
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