President issues 'important instructions' to all regions to boost party control over private enterprise and rejuvenate the nation; all firms will need employees from the party to boost law abidance and moral standards
That's interesting because that sentiment contrasts pretty strongly with the assessment from Chinese economist Wu Jinglian (who represented more of the right-leaning market reform wing of the party and was even derisively referred to as "Market Wu") about the future of the party about a decade ago as he was complaining about “old-style Maoists” gaining significant influence in the government since 2004. He claimed that this left-wing faction is pressing for a return to central planning and was placing blame for the corruption and economic inequality in China on the market reforms Wu helped lead.
We even saw Jack Ma surprisingly speak favorably of an eventual return towards more of a planned economic model predicated on ongoing technological development:
Over the past 100 years, we have come to believe that the market economy is the best system, but in my opinion, there will be a significant change in the next three decades, and the planned economy will become increasingly big. Why? Because with access to all kinds of data, we may be able to find the invisible hand of the market.
The planned economy I am talking about is not the same as the one used by the Soviet Union or at the beginning of the founding of the People's Republic of China. The biggest difference between the market economy and planned economy is that the former has the invisible hand of market forces. In the era of big data, the abilities of human beings in obtaining and processing data are greater than you can imagine.
With the help of artificial intelligence or multiple intelligence, our perception of the world will be elevated to a new level. As such, big data will make the market smarter and make it possible to plan and predict market forces so as to allow us to finally achieve a planned economy.
I think this is really interesting and a good point. At some point of conglomeratation and regulatory capture, one probably reached for much of the West already the difference between corporate and state planning basically becomes a moot point. Both are effectively planned economies, just one is planned to maximise only profits and the other planned in line with the goalsof the state. Deciding and influencing the goals of the state is the key question.
I’m aware of Wu being well respected among many economists in China which are very unlikely to be very well represented in this rising hardline “Maoist” (unlikely “Maoist” in the MLM sense) faction in the party that Jinglian has spoken about. Yet still critics have noted that Wu’s influence on the government has been increasingly waning. They have noted to how he was no longer being invited to weekly economics seminars held for prominent leaders and how his name was conspicuously left off the government’s honors list of top 100 outstanding contributors to the country’s transformational economic reforms. CPC media even allowed the publishing of rumors that essentially accused him of being a spy for America which he later denounced as “dirty tricks” by his critics within the party. Despite being a clearly biased source and the alleged loss of influence, Wu still remains more privy to the inner politics and infighting within the CPC than many other analysts that we may hear of in the West.
Despite being more neoclassical-oriented, the characterization of Justin Yifu Lin as a “neoliberal” seems a bit inappropriate due to his advocacy of a more active government role in economic development which is contrary to neoliberal ideology. Michael Hudson and David Harvey have also acknowledged how neoclassical economics has become popular in Chinese economics departments; however, the CPC's recent closure of the Unirule Institute of Economics that had been founded to promote economic liberalization since the early 1990s and was comprised of liberal Chinese economists have analysts noting that this was another indication of economic liberal ideals becoming increasingly less welcome. It's also worth noting though that the incorporation of a neoclassical economic analysis does not wholly preclude socialist ideology as the socialist economist Oskar Lange had developed a socialist economic model based on neoclassical economics through the Lange Model. The power struggle between the factions of the CPC will continue, but it appears that a more left-leaning anti-liberal faction is at the very least gaining more ground under Xi. Western imperialism and capitalist encirclement will continue also to present a major obstacle to socialist development in China though as it has for every other socialist country.
That's interesting because that sentiment contrasts pretty strongly with the assessment from Chinese economist Wu Jinglian (who represented more of the right-leaning market reform wing of the party and was even derisively referred to as "Market Wu") about the future of the party about a decade ago as he was complaining about “old-style Maoists” gaining significant influence in the government since 2004. He claimed that this left-wing faction is pressing for a return to central planning and was placing blame for the corruption and economic inequality in China on the market reforms Wu helped lead.
We even saw Jack Ma surprisingly speak favorably of an eventual return towards more of a planned economic model predicated on ongoing technological development:
I think this is really interesting and a good point. At some point of conglomeratation and regulatory capture, one probably reached for much of the West already the difference between corporate and state planning basically becomes a moot point. Both are effectively planned economies, just one is planned to maximise only profits and the other planned in line with the goalsof the state. Deciding and influencing the goals of the state is the key question.
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I’m aware of Wu being well respected among many economists in China which are very unlikely to be very well represented in this rising hardline “Maoist” (unlikely “Maoist” in the MLM sense) faction in the party that Jinglian has spoken about. Yet still critics have noted that Wu’s influence on the government has been increasingly waning. They have noted to how he was no longer being invited to weekly economics seminars held for prominent leaders and how his name was conspicuously left off the government’s honors list of top 100 outstanding contributors to the country’s transformational economic reforms. CPC media even allowed the publishing of rumors that essentially accused him of being a spy for America which he later denounced as “dirty tricks” by his critics within the party. Despite being a clearly biased source and the alleged loss of influence, Wu still remains more privy to the inner politics and infighting within the CPC than many other analysts that we may hear of in the West.
Despite being more neoclassical-oriented, the characterization of Justin Yifu Lin as a “neoliberal” seems a bit inappropriate due to his advocacy of a more active government role in economic development which is contrary to neoliberal ideology. Michael Hudson and David Harvey have also acknowledged how neoclassical economics has become popular in Chinese economics departments; however, the CPC's recent closure of the Unirule Institute of Economics that had been founded to promote economic liberalization since the early 1990s and was comprised of liberal Chinese economists have analysts noting that this was another indication of economic liberal ideals becoming increasingly less welcome. It's also worth noting though that the incorporation of a neoclassical economic analysis does not wholly preclude socialist ideology as the socialist economist Oskar Lange had developed a socialist economic model based on neoclassical economics through the Lange Model. The power struggle between the factions of the CPC will continue, but it appears that a more left-leaning anti-liberal faction is at the very least gaining more ground under Xi. Western imperialism and capitalist encirclement will continue also to present a major obstacle to socialist development in China though as it has for every other socialist country.
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