Socialist Reading Group: “Socialist China (Part Two)”

Is the second largest economy in the world a socialist country?

China calls itself a “socialist country with Chinese characteristics” and a “socialist market economy”. The Chinese Communist Party states in their constitution, “The realization of communism is the highest ideal and ultimate goal of the Party.” If China is a socialist country, what is the implication for socialists in this country? Some facts to consider:

• China is directly governed by the Communist Party of China with 89 million members and indirectly through the National People’s Congress

• Forbes magazine states that the 12 largest companies in China are publicly owned. That includes banking, oil, communications, media, defense, land, steel industry, transportation, i.e., the heights of the economy are state owned enterprises.

• U.S. Federal Reserve – “China’s economy grew at a 10% per year for 30 years beginning in 1980. No other country in modern history has achieved such exceptional growth for so long”. It also grew at 10% during the years 1953-1959 while receiving technical support from the USSR. Current GDP growth in China has slowed to 6.9% this year. The U.S. and the European Union both grew at less than 2%, Japan grew at 1.3%.

Come learn more about China and its economic and political system.