Geopolitical Economy Report What is Socialism with Chinese Characteristics? This is how China's economic model works
Dec 11, 2025
Ben Norton, a political journalist focusing on geopolitics and global economy, dives deep into China's unique model of 'socialism with Chinese characteristics.' He discusses how China evolved into the world's largest economy and revolutionized poverty reduction. Norton illuminates Deng Xiaoping's reforms, state ownership dynamics, and the strategy of 'grasp the big, let go of the small.' He also explores the implications of China's industrial policy for global value chains, its green energy advancements, and contrasting governance perceptions. It's a captivating analysis of a complex economic landscape.
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China's Rise Reshapes The World
- China has become the world's largest economy by PPP and this rise reshapes global politics and economics.
- Understanding China's development is essential to understanding today's world order.
China Drove Global Poverty Reduction
- China drove three quarters of global extreme poverty reduction over decades and eliminated extreme poverty domestically.
- Adjusted poverty measures show China far outperforming many populous developing countries.
Deng Framed Market Reforms As Socialist
- Deng Xiaoping framed reforms as developing productive forces within socialism, not abandoning socialism.
- The Communist Party declared China in a "primary stage of socialism" requiring market tools to boost production.