Yes, they call it socialist market economy and they follow Socialism with Chinese Characteristics officially. https://en.prolewiki.org/wiki/Socialist_market_economy. Keep in mind this is the translation from a term originally not in English, and that to them this means a bunch of things. It’s like using ‘theory’ as a layperson vs a scientist. Two different meanings that need proper contextualizing and explaining to get how it’s being used.
Even ‘state capitalism’ might mean something very different to China than it does outside, even as they use the term in English.
The link above is a bit of a read that will never be finished but it does have references and explains it.
Regarding privatization yes, China in 2005 was very different from China today. Even more so than western countries were in the same time period. In 2008 Beijing was covered in smog, ten years later it has some of the cleanest air you can get in a city this size. But it’s a big country with understandably a lot of different points of view. Economists can be wrong too, what matters is consensus.
Yes, they call it socialist market economy and they follow Socialism with Chinese Characteristics officially. https://en.prolewiki.org/wiki/Socialist_market_economy. Keep in mind this is the translation from a term originally not in English, and that to them this means a bunch of things. It’s like using ‘theory’ as a layperson vs a scientist. Two different meanings that need proper contextualizing and explaining to get how it’s being used.
Even ‘state capitalism’ might mean something very different to China than it does outside, even as they use the term in English.
The link above is a bit of a read that will never be finished but it does have references and explains it.
Regarding privatization yes, China in 2005 was very different from China today. Even more so than western countries were in the same time period. In 2008 Beijing was covered in smog, ten years later it has some of the cleanest air you can get in a city this size. But it’s a big country with understandably a lot of different points of view. Economists can be wrong too, what matters is consensus.