According to the general secretary of Chinese Communist Party, the ‘dominant position of public ownership cannot be shaken’, while XI says, in an ever-changing global environment, steering the economy into the future will be a major test for the party.
By Karen Yeung
Published on South China Morning Post, Aug 16, 2020
The foundation of China’s political economy can only be a Marxist political economy, and not be based on other economic theories,”
he said in an article published on Saturday in the political theory periodical Qiushi.
After 30 years of reform and opening up, and a changing global order, steering the economy into the future would be a major test for the party, he said.
Xi dismissed suggestions that China’s Marxist political economy was outdated, saying it allowed markets to play a decisive role in the allocation of resources but also enhanced the role of the government.
The dominant position of public ownership cannot be shaken, and the leading role of the state-owned economy cannot be shaken.”
Xi’s comments came as China remains locked in a bitter struggle with the United States on a host of issues, from trade and technology to ideology, human rights and the origins of the Covid-19 pandemic.
Many capitalist countries had suffered economic downturns, unemployment problems, increased polarisation and deepening social conflicts, he said.
“Trump alluded that China is now placing record orders of US agri products [a commitment made in the January deal],” he said.
“China will play along given it doesn’t know who will win the US election. But we remain of the view that this deal will collapse at some point – and probably when it’s most politically expedient for Trump.”