Just curious. I know the Chinese economy has undergone some major changes, but I’m not sure what form these have taken in terms of actually getting business done and buying things.
I found this about China’s political system but it doesn’t say much bout how the economy is really arranged in real world terms. Is it still kinda-sorta Marxist at root, or is it something else altogether at this point?
According to The Economist, China is basically capitalist in goods and labor, but capital markets are still pretty heavily regulated. A search hasn’t yeilded the article I was looking for; however, the June 6, 2004 Economist, Newbridge Capital has took over the Shenzhen Development Bank. Though ownership is limited to 20% by law (they bought 18%), “the deal, sealed on May 31st, permits the Americans to appoint a majority of the 15-strong board. They will thus be able to run SDB, the main bank in the city.”
So there you go. Additionally, I had a personal email exchange with a business reporter stationed in Beijing (sp?) who told me that China is indeed essentially capitalist at this point. Worth noting, The Economist has reported that business folk are now allowed to join the Party, and China is thinking of amending it’s constitution to make private property rights “inviolable.”
YMMV.
Boy, did I botch a sentence in that post.
FTR, no links because the articles are subscriber only now. If you want, I can email them to you through the magazine’s website.
Thanks!