"There is a tendency on the list and the left more generally to exaggerate both the influence of the billionaire class of private entrepreneurs in contemporary China..."
This sentence is steeped in the mistaken view that state-owned corporations are not capitalist. • They are operated for profit, most of which they keep for reinvestment. • They have spun off enough of their equity, generally five to fifteen percent, that investor demand for capital gains and dividends brings real pressure. • The corruption in state-owned corporations is huge, far beyond the bribes and cushy jobs that most capitalist economies know well. Xi Jinping's family amassed several hundred million dollars. Wen Jiabao's wife piled up billions. See Desmond Shum's Red Roulette. • The state firms operate in a market economy, not under an overall allocation of investment - since there is no longer a compulsory Plan. (For more details, see "Material Forces that Turn Socialism into Capitalism" at http://www.idcommunism.com/2023/04/material-forces-that-turn-socialism-into-capitalism.html ) "Here is a listing showing the overwhelming preponderance of state-owned firms at the commanding heights of the Chinese economy." The list does not compare the state sector with the private sector. There are big firms in the latter, too. And while the state sector holdsa large percentage of the total fixed investment by book value, most workers are in the private sector, and most new jobs and new firms are created in the private sector. The Chinese government has lately put a lot of effort trying to revive the stock market. This is not a socialist economy with a fringe of private enterprise. China is capitalist through and through. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#29466): https://groups.io/g/marxmail/message/29466 Mute This Topic: https://groups.io/mt/104961025/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
