Nobody condones the Chinese liberalization of markets which make the Chinese economy resemble US capitalism in some regards.
Criticism of the decision is valid but I definitely think there were merits to it. Despite the increases in standard of living shown in my favorite graph, many Chinese were still living in extreme poverty when the reforms were initiated. According to the World Bank, more than 850 million Chinese people have been lifted out of extreme poverty, and China’s poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015. And China’s rise as an economic power has allowed it to help establish an alternative economic bloc, which means now other countries can have access to foreign trade while maintaining more control of domestic policy than they would through the West.
It’s a complicated issue and I understand why some people consider it a deviation but I also understand the reasons for doing it and I think it’s met with some degree of success. I don’t think we really have an official line on it.
Criticism of the decision is valid but I definitely think there were merits to it. Despite the increases in standard of living shown in my favorite graph, many Chinese were still living in extreme poverty when the reforms were initiated. According to the World Bank, more than 850 million Chinese people have been lifted out of extreme poverty, and China’s poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015. And China’s rise as an economic power has allowed it to help establish an alternative economic bloc, which means now other countries can have access to foreign trade while maintaining more control of domestic policy than they would through the West.
It’s a complicated issue and I understand why some people consider it a deviation but I also understand the reasons for doing it and I think it’s met with some degree of success. I don’t think we really have an official line on it.