I don't really get triggered by people saying capitalism instead of "socialist market economy" or whatever because it seems to be mostly signaling and semantics, but it's probably worth pointing out that not all of China's economy is like that. The commanding heights of the economy (e.g. finance, heavy industry, construction) are controlled more closely by the Party, and surplus value extracted there is spent on social good without passing through the hands of a capitalist first. In the market economy there's also the matter of, like, regulations and worker protections and whatnot that are only possible when capitalists don't run the state as if it's their personal playground, but I'm not sure that's as clear of a point.
I don't really get triggered by people saying capitalism instead of "socialist market economy" or whatever because it seems to be mostly signaling and semantics, but it's probably worth pointing out that not all of China's economy is like that. The commanding heights of the economy (e.g. finance, heavy industry, construction) are controlled more closely by the Party, and surplus value extracted there is spent on social good without passing through the hands of a capitalist first. In the market economy there's also the matter of, like, regulations and worker protections and whatnot that are only possible when capitalists don't run the state as if it's their personal playground, but I'm not sure that's as clear of a point.
okay that's a good explanation thank you. i do want to learn more about chinese society at some point it just doesn't seem super relevant rn.
It's worth quantifying this for some perspective, 60% of their entire GDP is state owned.