The contemporary political economy of the People’s Republic of China, the nature of the Chinese system, has been the subject of much discussion and debate in mainstream academic, media, and political circles, as well as on the left. Since the end of the 1970s, China has pursued policies of “reform and opening” to develop its economy, a process that has resulted in the massive growth of production, China’s emergence as a major player in global trade, and the lifting of around 800 million people out of poverty, while at the same time generating serious problems of inequality, corruption, and environmental stress. At the heart of this project has been the decision by the Communist Party, originally under the guidance of Deng Xiaoping, then carrying on through successive changes of leadership, to use the mechanisms of the marketplace to develop the productive economy. How should this situation be characterized? Is it capitalism, state capitalism, market socialism
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