Livemint/Bloomberg: Xi Jinping says China won’t return to planned economy, urges cooperation
* Xi Jinping reiterates the government’s stance that markets should play a ‘decisive role’ in the economy
* The comments come as China faces mounting pushback from the Trump administration on a range of issues from trade to its handling of the coronavirus outbreak
Chinese President Xi Jinping said he won’t let the world’s second-largest economy return to its days as a planned economy, pushing back against U.S. criticism that the nation has failed to deliver on promised reforms.
“We’ve come to the understanding that we should not ignore the blindness of the market, nor should we return to the old path of a planned economy," Xi told political advisers gathered in Beijing for their annual legislative sessions on Saturday, according to the official Xinhua news agency. He reiterated the government’s stance that markets should play a “decisive role" in the economy.
Read more ....
WNU Editor: It is now official. Marxism/Communism is dead in China. Free markets will rule.
Update: No one is saying this, but I will be the first. Former Soviet leader Khrushchev is known for his speech "On the Cult of Personality and Its Consequences". A speech that started the long process to discarding the cult of personality and rigid communist dogma that had ruled the Soviet Union for decades. President Xi's speech is different, but it will also have an enormous impact. It is an admission that planned economies do not work, and that markets decide. I guess he read Adam Smith's book .... The Wealth Of Nations.
Update #2: He is probably right .... Xi says China could have set GDP growth goal around 6% had there been no coronavirus (Reuters).
More News On Chinese President Xi Saying China Will Not Return To Planned Economy
Xi stresses decisive role of market in resource allocation -- Xinhua
China must adhere to multilateralism, market forces - Xi -- Reuters
China’s economy will prove resilient in long-term despite coronavirus impact, President Xi Jinping insists -- SCMP
15 comments:
The effect of this speech cannot be overstated. Xi's and the powers that be understanding of what "Market" means is all important.
It must be understood that this statement could be merely preparation for Chinese governmental moves of the near future.
One has to wonder if Hong Kong was the intended audience for Xi's "market" speech.
believe it when I see it...they are going to have to fire a shit-ton on bureaucrats and middlemen...
Mr WNU's, you regularly pass comment regarding 'What China says and what China does' are never the same.
This speech is weird.
The timing is weird (yes, I know they've had their big conference - hope the catering was good).
This makes Xi look weird - and weak.
Free markets go hand in hand with individual freedom. I have my doubts that this will actually transpire that much in China as the "wrong" people could get wealthy and therefore powerful.
Effort to stave off civil war?
Keep power in new capitalist China?
Ci wants to be Yeltsin?
James. I like the observation that this is a message to Hong Kong.
Crusader. What is unique about this speech is that he made it in front of the Communist Party's senior officials. It is not a spokesman from the foreign office or the Chinese equivalent of a press secretary who made these remarks. It is Xi himself, a person who we have always been told is devoted to Mao, Marx, and the Chinese version of communism. It is like the Pope renouncing Catholicism.
Well, I still have a hard time to believe Xi Jimping. This look like sugar for the West during a hard time for China. I could be negative, why not? but the same guy said few years ago " The economy has to return in the hands of the party"...what a change in a so short time?
I shall really believe his words when China will respect the rules of the World Trade Organization...which is far to be done.
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The speech is meant to attract money. And some people will still put money from the west into china
It is our civic duty to list those investors on public news boards. Our populations should know who it is from the west. Who among us supports this foreign regime that killed scores and threatened us with war.
We will publicly shame any and all investors dealing with China. No more.
Spend your money in countries that uphold international law and norms not a communist dictatorship that brought us to the brink of WW3,risked poisoning us all and on top insulted us while our elderly gasped for air.
If you invest in China be prepared for public shaming and have a good reason why you don't invest in other countries that don't try to kill us, that don't have concentration camps.
We will be watching!!
Nice theories. Want to hear an insider one?
China was committing a so called "fall forward" MMT maneuver.
In laments terms it means you use a hyper aggressive spending practice that would normally bankrupt you. You spend and spend, steal and steal, push and push.
Then, when you maxed out, instead of declaring bankruptcy/going actually bankrupt, you make everyone else go bankrupt with you, setting all nations back for decades. Then you switch systems to confuse further and appear as if you are OK with change.
I think we have all witnessed the largest wealth eradication and the largest financial crime to humanity at the same time. This fall forward maneuver is one for the history books. M2
80 trillion potentially wiped out, putting all nations back to square one and China is not bankrupt. Got it? :D
Fall forward is MMT in steroids. And we paid for it. Again.
So instead of going bankrupt, which we all thought China would be going as their spending was way higher than reported and their actual economic output much lower (see satellite light data blog post here a couple years ago that estimated China might have inflated gdp by up to 30% for years! Which would also match observed Chinese publicly traded companies behaviour with vastly inflated earnings), China smartly decided to use a "fall forward" strategy??
Don't fall back, fall forward. Lol that's so smart
You plan to go bankrupt, spend like crazy, then bankrupt all other economies by releasing a scary virus and declaring a pandemic. Then to deflect scorn and obfuscate you declare new system and be like "don't fvk with us or else".
And we ought to accept that scam?!?!
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