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China Lowdown: President Xi’s hybrid capitalism

This article is part of The China Lowdown, WONKedition’s series to help you understand one of the world’s first civilizations and present super powers.

August 2020
The Chinese way of capitalism under President Xi Jinping can be descibed as a hybrid. It has characteristics of a capitalistic system with free-thinking private entrepreneurs. It also displays the communist philosophy of state control.

Since Xi Jinping took power in 2012, the Communist Party has gotten more and more influence on how private companies are operated, writes The Economist. At the same time state-owned companies have aimed to emulate the swag and agility of private businesses.

The system is contradictory but has so far worked out well for China.

Read also What happens in China stays in … everywhere. And check out The Economist’s story Xi Jinping is trying to remake the Chinese economy.

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