Hu Xingdou; Dreaming Of China's Return To Capitalism

[Phoenix68]

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Top Chinese Economist Calls For Return To Deng Xiaoping Economic Reform Era
August 10, 2023
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"The reform era ushered in by late Chairman Mao Zedong's successor Deng Xiaoping saw people freed up to make money as fast as they liked, and the start of a burgeoning private sector and a decades of export-led economic growth, while political ideology and authoritarian rule took a back seat.

Xi is widely seen to be moving in the opposite direction, cracking down on private sector wealth and power and boosting the state-owned economy while eroding the freedoms enjoyed by the country's middle classes."

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[Phoenix68]

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China’s Development Model Is Unraveling
August 11, 2023
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"My own take is the current environment poses the biggest challenge thus far for China’s model of economic development. It began with market-oriented reforms under Deng Xiaoping that encouraged the formation of rural enterprises and private businesses, liberalized foreign trade and investment and also included public investments in industry and education. They succeeded in transforming China from being a rural, agricultural economy to an urban industrial economy by the end of the 20th century.

The reform process continued into the first decade of this century when China was granted entry into the World Trade Organization. As James Mackintosh reported in the Wall Street Journal, China’s total factor productivity soared after it joined the WTO, but it then peaked in 2010 when the reform process stalled. Thereafter, China’s overall economic efficiency has faltered since 2014, when Xi Jinping tilted policy to favor state-owned enterprises over private enterprises. China’s earnings per share have been relatively flat since then, which is a key reason why its stock market has under-performed global peers over the past decade."

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