How can China be socialist if it has a stock market? Understanding the Chinese economy
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- Опубліковано 24 лип 2024
- China describes its system as a "socialist market economy". How does that work? What is the role of its stock exchanges? Ben Norton explains Socialism with Chinese Characteristics.
Topics
0:00 Intro
1:11 Deng Xiaoping & China's "Reform & Opening Up"
4:06 Socialism with Chinese Characteristics
5:17 China's economic growth & poverty reduction
7:42 How state-owned enterprises (SOEs) run China's economy
10:09 Chen Yun & the "birdcage economy"
11:39 SOE share of China's GDP
13:37 China's largest companies are SOEs
14:53 Socialist market economy
16:02 "Grasp the large, let go of the small"
17:42 "Managed competition" in China
19:50 Billionaires in China
20:43 China's stock markets
27:17 (Clip) Western financial analyst says China rejected Washington Consensus
30:43 (Clip) Bloomberg complains "China doesn't care about the stock market"
32:10 Differences between US & Chinese economies
33:33 (Clip) Investor explains China's stock market is not priority for government
36:56 China's economic policy is made for workers, not investors
45:55 US financialized capitalism vs. Chinese socialism
46:33 US stock market is 60.5% of entire world
47:13 Richest 10% of Americans own 93% of stocks
47:52 Global oligarchs hold wealth in US stock market
48:31 China's pursuit of "common prosperity"
51:49 Outro
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The Chinese Government uses appropriate tools for the job. The US Government _is_ a tool that is used by the highest bidder.
The Chinese Government manufacture weapons to prepare for war that a certain warmonger keeps provoking. The US Government manufacture wars to sell weapons.
Yep.
💯 agree.
Anything for sale in this country including their dignity & sanity . It’s a ho country !
CPC is trying to please Chinese citizens in order to remain in power.
White house is trying to please its donators (blackrock, blackstone, oligarchs) in order to stay in power.
US wanted to make a fool out of China. But instead, the US made a fool of itself. Let that be a lesson.
"There's an old saying in Tennessee - I know it's in Texas, probably in Tennessee - that says, fool me once - shame on - shame on you. Fool me, we can't get fooled again!" - George W. Bush
The only threat's the U.S actually faces are internal.
smfh.........okay commie
"The US" wanted to enrich their elite and they succeed. There was never any bigger plan, like "mak[ing] a fool out of China", behind anything.
Incredible copy pasting abilities
In China the state controls capital, in the United States capital controls the state
I think you mean, those that control the capital control the state. But he who controls the media controls the country!
yes and its sad. state supposed to work for the society, not few degenerates.
Yeah, And In China, "the state" is control By small group of people and their family😅 they have money and power directly
Uni Sovyet= The state controls capital and the means of production.
China 🇨🇳= state controls capital. And the private& state sector controls the means of production.
United States🇺🇲= private sector controls capital and means of production.
Seems both not so good 😂..rich turning with more politic power and rich and power 😂
Deng Xiaoping on ''Socialist Market Economy''.
''To uphold socialism we must eliminate poverty. Poverty is not socialism.''
-- Excerpt from a talk with the Japanese delegation on June 30, 1984
Deng is a pathetic revisionist.
@@Alan-Classified Your statement is pretty pathetic as it is supported by nothing.
@@F_Liu 反正我也不怎么喜欢邓，比起教员老人家的无私，他差的有点远，64就是他儿子为首的一帮二代以他们这些父辈为保护伞，利用价格双轨制投机倒把，搞得天怒人怨，激起了民变，导致一发不可收拾，被人利用受不了场。老百姓编顺口溜“主席的儿子上前线，小平的儿子倒彩电”讽刺他。他儿子从康华、彩票里搞了多少钱很难说。
How about 'to be rich is glorious'?
@@loveblindhate9318 In a 1986 episode of “60 Minutes,” the first major interview Deng granted to a Western broadcaster, Wallace asked: “To get rich is glorious. That declaration by Chinese leaders to their people surprises many in the capitalist world. What does that have to do with communism?”
Deng’s reply: “To get rich is no sin. However, what we mean by getting rich is different from what you mean. Wealth in a socialist society belongs to the people.”
Although Deng didn’t actually say “to get rich is glorious,” Wallace believes that the Chinese leader acknowledged ownership of the words by not challenging the question. “He certainly never said, ‘No, no, I never said that,’ ” Wallace says.
In the interview, Deng emphasized that wealth in a socialist society meant “prosperity for the entire people” and must not lead to a situation in which “the rich get richer while the poor get poorer.”
“It is the heart of U.S. policy to use fascism to preserve capitalism while claiming to save democracy from communism.”
- Michael Parenti
Love Parenti🙏
Well America is a 2party system and not a democracy it's hegemony behaviour that is creating the down fall of every Empire from the Vikings to the Roman's British Empire and every other who tried to rob the people of their Dignity and resources because God will let no human beings be above God. They will always pay the price of destruction like Sodom, and his followers turn into saltpilliars.
Well, not to use facism to preserve capitalism, more to use any means necessary to preserve capitalism, and facists happen to be the ones with the fewest hang-ups about doing the dirty work, liberals seem to be a close second where they just need an excuse.
Beautifully succinct
Thats a lot of isms
“Capitalism has neither the capacity, nor the morality, nor the ethics, nor the will to solve the problems of poverty.”
- Fidel Castro
They want communism / socialism dead because it works for the 99%.
But Communism doesn't have the means to solve the problems of corruption. Only a Socialist Democracy can do both.
@@murraymadness4674 The USSR, Yugoslavia, China, Cuba, the DPRK all disagree
@@murraymadness4674 so USA "dêmókrazy" is not corrupt? Which planet you from? Lol
@@murraymadness4674 the US is the most corrupt country in the world because it's legal to bribe politicians.
In a 1986 episode of “60 Minutes,” the first major interview Deng granted to a Western broadcaster, Wallace asked: “To get rich is glorious. That declaration by Chinese leaders to their people surprises many in the capitalist world. What does that have to do with communism?”
Deng’s reply: “To get rich is no sin. However, what we mean by getting rich is different from what you mean. Wealth in a socialist society belongs to the people.”
Although Deng didn’t actually say “to get rich is glorious,” Wallace believes that the Chinese leader acknowledged ownership of the words by not challenging the question. “He certainly never said, ‘No, no, I never said that,’ ” Wallace says.
In the interview, Deng emphasized that wealth in a socialist society meant “prosperity for the entire people” and must not lead to a situation in which “the rich get richer while the poor get poorer.”
Black cat or white cat? Unimportant. It's task to catch mice.
Xi has turned his back on Deng's reforms
It blatantly highlights the disgusting levels of individualism present in America
Ben Norton, you must be the one of the most analytical journalists there is in the West. Thank you a lot for all of the work and research you do! I wouldn’t be able to do all the research in this depth all by myself, so I am so grateful for everything you do and presenting it so elegantly as well 🙏
The next time somebody tries to tell me that China is a capitalist country i will direct them to this video instead of arguing, thanks Ben.
Some people just can't unlearn their propaganda. They will die in their ignorance
I should forward this video to my current government. For 43 years we had a socialist government and while the country thrived the people also enjoyed a good standard of living. For the past 3 years we've had a liberal government, while the country has gone through economic reform, the people have been getting poorer and the politicians richer.
China is a capitalist country, they just leverage socialism more than most. Ben, like many people, have a false/manufactured understanding of these words.
But isn't it a state capitalist with Chinese socialism
American has little clue about China economy works, American economist seem to be sterio type..rely to much on basic capitalist and conventional systems.. American finance system only work good for them. FED system tools for manipulate reports , money making machine, interest rate speculative conundrum
Ben, you are the real China expert. I've said this before, you understand China better than most Chinese. Keep up the AMAZING work you've been doing!
Are you sure?😂
Many Chinese know their system well, but few of them are able to talk about it in English
@@Shadowless_Kick Exactly. Ben has done brilliant research work on China and most importantly he's been doing what a true journalist should be doing, informing people the truth and facts.
@@F_Liu I understand and fully appreciate that, but how does that equate to "understand China better than most Chinese"? Are you implying that most Chinese who live and work under the socialist system know nothing about it?
@@baichuanren885 I am not implying most Chinese know nothing about their own country's systems/policies and politics. Most Chinese have a good level of understanding of the fundamentals of the governmental policies on economy and other aspects through their everyday life but not so much of an in-depth understanding as detailed in Ben's videos. Ben's analysis of China is quite academical, there are a few well-known Chinese scholars/intellectuals (Ben cites them sometimes) followed by many Chinese are of course way more knowledgeable than Ben, though they either don't speak English (well) or have a platform in the West to spread their knowledge plus they will usually be labelled and dismissed as government mouthpieces. Even Ben gets that a lot. Plus most Chinese are quite apolitical and not so hung up on a particular political ideology, they focus most their time on their practical life rather than studying economics and politics.
You truly are helping the U.S.A become a better place, by informing the people.
Americans hate communists and socialists
Unfortunately the policy makers are cold War dinosaurs
Indoctrination into believing communist evil
Capitalism good
They can't comprehend the middle path
The main take away is, China is not hung up on certain labels. China is still China, driven by tradition Taoist and Confucius philosophy -- CHANGE.
This is also a way to mislabel them. They are still Marxist first, because the party do believe in the basic ideas of Marxist-Leninism. The Chinese Characteristics are there to adapt ML policies to the Chinese people.
@@gelinrefira It is just anti-communist propaganda to make people think communism is just non-market and Soviet style command economy lul. And even the Soviet also had market too.
@@gelinrefiraMarxist sounds good 😅
China os marxist too
@@gabrielzanoni9961 that’s why it’s successful. Australian economic professor Steve Keen have a very good explanation
Of Marxism
China has the greatest manufacturing capacity. US has the greatest clown production capacity and the greatest national debt.
It’s 1001 , repeat repeat repeat …………………………. 👎
Good one.
America also has the most destructive nuclear weapons. So checkmate.
81-genders2
China = Construction
America = Destruction
The scourge of Western societies; Leaders wearing capitalist blinders viewing profits and constant growth as measurement of prosperity.
Not sure about prosperity. Maybe initially. Not sustainable, because capitalist “profit “ factor. It stops there. So super profit drenched industries keep going hysterically as it is the end. Keep gaining because THEY CAN. No fail breeds greed. Now from greed comes a network of “diversification” - greed for more profit, power, delusion of universal godly powers, owning individual lives by the millions, billions, caprice, temperaments, excess psychosis, endless bottomless “opportunities”. That’s why human factor is critical. N on humanity in capitalism - pure material ideology.
the funny thing is, you could at least appreciate why capitalists love it, but to think ordinary people aka peasants of the west fully embraced their own exploitation is just mind blowing!
@@monipenny408 They packaged it with a beautiful name - american dream.
Constant growth is a CCP priority
China's gov't has always been prioritizing economic growth for decades which resulted in poverty reduction and prosperity. So yeah growth (which leads to profit) is the blueprint for prosperity for the average person. De-growth would just send the Chinese back to the 70s.
If they shift to a system that we use, they fail like we are failing.
The premise for American capitalism to look good is the continued blood transfusion of most economies around the world
They haven’t been socialist since the death of Mao Zedong lmao they’re like a less imperialist america
Greater China System.
China has a multiple perspective vision.
China has a multiple intellectual perspective.
China has a broader understanding of government and business systems.
China selects, learns and implements the best of every system.
China’s Asian philosophy focuses on managing and
complementing the needs of society, I.e., balance and harmony to the environment.
The history of China records everything.
Thank you Ben. Independent journalists with journalistic integrity are the heroes of our time.
Broken record !
Uni Sovyet= The state controls capital and the means of production.
China 🇨🇳= state controls capital. And the private& state sector controls the means of production.
United States🇺🇲= private sector controls capital and means of production.
Chinese models IS superior, its all about balance.
Calling the country of 996, the country of balance is some top teir ideologue lolcowism
@@hermsflerms2373996 is only for tech workers and the govt wants too get rid of it but the capitalists don’t
So if it wasn’t for the cpc china would be far worse
@@hermsflerms2373 They work hard for a better future, not to make the 1% richer. And the precise reason for economic hardship right now is the U.S. trying to stop them. So, more power to the Chinese hard-working poeple, they will make the world a better place and end the U.S. hegemonic rule.
@@baichuanren885 Nah even Chinese workers complain about the insane work culture and how the bosses squeeze them more than western ones. There was a huge debacle with a coffee chain 2 weeks ago where there were multiple instances of a worker beating up customers largely because they are made to work solo for 12hr shifts. East Asians take neo-liberalism to hardcore territory. But yes, it's 1 reason why they've all caught up really quickly.
@@hermsflerms2373 The reason why we can 855 is due to our imperialism. Thank you for reminding everybody that we are lazy, murderous and thieving.
China isn’t a 100% communist country, indeed, it is a mixture of communism + meritocracy + capitalism. In China, their leaders are mostly PHD or master graduates who are experts in various sectors, but in Canada for instance, their prime minister is a drama teacher.
In the west, the leaders are chosen by popularity contests, not true meritocracy.
Like the middle left. Socialism with Chinese characteristics.
These are Western explanations based on the narrative logic of the Cold War, but from the narrative perspective of Chinese history, this is an institutional upgrade in the transformation from agricultural civilization to industrial civilization. Many institutional designs have been passed down for thousands of years, such as the public-private partnership system.
OMG a drama teacher
@@user-go2fl1ow2k lol, he’s trained for the “world stage”
Most impressed with the unbiased report of China’s policies and history! Well done!! Let the truth be told and publicize to the world! God Bless you. Ben Norton !👏🏻👏🏻👏🏻
资本主义才是导致贫穷 的原因，西方的一切都属于私人拥有，不要忘记人性的弱点，那就是贪婪。
capitalism works till a few owns more than 80 percent, then everything goes downhill
This absolutely true! Capitalism in private hands exist only for profit making. we saw and experienced it (and still is) here in australia when the Australian political,leadership (both parties), decided to follow Ronald Reagan's "Reaganomics" and privatized out banks, power and telephone lines, selling what has been PUBLICLY owned utilities back in the 1980s. Before then, Australians were enjoying the cheapest power bills but steadily over time, the privately owned utilities began to call in their investments and increased prices. It has reached the point todays when families are deciding whether to miss out in having a meal in order to pay their power bills or shiver in the freeing cold of winter.
The power companies don't give a hoot but continue to make excuses why they have to increase prices and the government has absolutely no clue as to how to fix the problem when the public is screaming at them (except hand out a few dollars here and there to try to mitigate the sufferings of the people). After all, the government has already taken the money they got paid from selling off the utilities that once belonged to he people and have nothing left to buy those utilities back. Besides that, no political party in democracies is willing to ever, ever admit that they did wrong and made a huge monumental mistake in copying a non-economist American president who was a "B-grade" Hollywood actor (but he sure fooled them all in the end).
資本主義如細菌，不受控制(政府)，將用盡一切資源！
True very true !!!
当资本主义失去了干涉他国的能力后，就必然沦为贫困。名副其实的吸血鬼经济，吸不到血就要内爆。
Never underestimate the power of central planning in a country as large and as diverse as China. The country would not achieve such high successes without the central government's mandate on the development of high-speed railway network all over China, as well as steel making or agriculture or food self-sufficiency or oil and gas explorations or the defense industry and even space explorations. All those important projects must be implemented and supported by the government -- not by entrepreneurs in the private sector due to their limited resources and due to their demands for short-term recoups of large investments like what happen in Western capitalism. Market reforms through a high degree of relaxation of rules and regulations infused with a mix of capitalistic rewards were what gave rise to the many success stories in the Chinese nation.
We all called it "socialism with Chinese characteristics." And this type of socialist ideals gave birth of an explosion of innovations and the need to achieve success by the private sector of the economy. I call that the economic miracle of China and I do not discount the role of the central government in all these.
The PRC is hardly the only country where central government played a large role in national transportation systems and so forth. In the USA, for example, rail systems were emphasized along the densely-populated Atlantic corridor, with highways and airways elsewhere. Mostly federal money and guidance.
As for space exploration (and aviation), waffling by various PRC governments delayed progress to the point that they are decades behind where they could have been with steady support. So a mixed bag regarding CCP involvement in various critical areas.
@@marcmcreynolds2827 patience. They have priorities. All will be addressed in time. 1.5 billion people is not kinder playground.
@@user-ju3xv1xx5z That's been their party line for... well decades. Success is just around the corner. "We can build space shuttles!" proclaimed their head space guy in 1981, but then it was another twenty years before they even orbited their first simple capsule. Other priorities have also shifted as various people have come and gone (or been forcibly removed from the party meeting by a henchman on each arm ;)
Time is what these 1.5 billion people no longer have. The expression goes "Japan got rich before it got old. China will get old before it gets rich." That's started to happen even faster than economists had earlier predicted, with now roughly 50/50 bets on whether the PRC economy will at least temporarily pass the USA before falling back in a long demographic-based decline, or never even gets there. Xi's economic missteps are accumulating at bad time relative to his country's demographics.
@@marcmcreynolds2827 I’m sure they will. If they successfully built more than 33,550 speed trains with latest at 480 km - they’ll just keep going..
@@user-ju3xv1xx5z Transportation infrastructure has been one of the bright spots, helped by the fact that the PRC is able to complete HSR projects for between two-thirds and one-third of the costs elsewhere. Partly from economies of scale, and partly from lower labor costs.
Wow, what a brilliant presentation.
Thank you Ben Norton for educating and sharing your economic and geopolitical knowledge with us.
You are simply the best, bar none.
Thank you, thank you Ben Norton.
👍👍👍
Watching these videos and realizing that China has achieved or is close to achieving all its goals. China is amazing! I'm a lucky expat to be living in China since 2013...the year Xi came into leadership. I've literally watched China change before my eyes!
The secret of chinese is...they are very hardworking
Another, but hidden secret is...they are exploited at the point of production.
It is very difficult to outwork people who are being blackmailed, threatened and coerced into working harder.
That is not true, look at little-India, using the caste-system and yet their production is lower then China at its worst.
So how is life in Dharavi?
@@JohnT.4321 Pray tell - from your own personal experience in China?
@@user-zu5do6ri6r If you are using Foxtel as an example, the company operating in China is a TAIWANESE company, owned by TAIWANESE shareholders contracted to producing Apple iPhones for Apple. The hinese workers were exploited by the TAIWANESE.
Capitalism = benefits of the few
In a Capitalist society, EVERYONE with a business wants to be an instant billionaire (used to be millionaire but we have to account for inflation) overnight, making money from the public in which they operate.
@@user-sf1nq9uj7p You forgot to add ;- making money/profit from the public in which they operate while not giving a damn about how they get that profit by. In a sense, may the fattest rat wins. That's how unrestricted, unsupervised capitalism works.
Arguably China is employing techniques developed during the capitalist-industrial revoution in the service of creating capital where as the west is more interested in reverting to the few owning less of a shrinking pot... The west model has been tried [feudalism-impiralism] and leads to distaster.
@@user-sf1nq9uj7p Arguably these "everyone" you refer to are reactionary fedalists and cant be thought of as capitalists in the former defintion of captialism.
Cammunist socialism = stalibanist fascism
Great job, Ben. I like how succinctly Radhika Desai explains the difference between capitalism and socialism: in capitalist systems the government answers to the capitalists, but in socialist systems capitalists answer to the government. One of wisest things that both China and Russia has done is to reestablish the primacy of the state over the billionaires/oligarchs and their selfish interests. As a citizen of the US, I see that my own government is subservient to the selfish whims of the donor class that supersede the needs of the great mass of the average US citizen, and I see the wisdom of what Russia and China have both done.
that´s not socialism, if the workers don´t run the state. It´s state capitalism. Capitalism in fact can´t survive without the use of a state.
@@gaia316 Radhika Desai apparently disagrees with you.
Russia? Come on, with all due respect, it is a country where oligarchs and powerful departments are inextricably linked. It only looks like the government is restricting the capitalists on the surface. It is a country that is terminally ill.
This is my second video of yours I’ve watched today. Thank you for putting in the hardwork, sir.😊
We love you Ben!
Ben, you are truly a Chinese expert, you understand China so well and as a Chinese I have learned so much from your Channel about my own country, as someone lived in Europe for 10 years I am truly disappointed about Western politicians and the way they are holding against China, so hypocritical and biased to it’s most and I am so glad that China and Russia are facilitating a transition towards a multipolar world which dominated by multiple voices rather than unipolar dominated by USA and its allies, that’s why they are panicking 😊
You are absolutely right, Maggie.
Time to go back
@@razikroos8854 I
Am , moved back last year ✌️
Russia fired the first shot against financial colonialism
check out eric li lectures too, very interesting
This video is worth its weight in gold. Its like an entire PHD of research put into it. Absolutely phenomenal work by Ben Norton. I am more than happy to have been contributing a small amount to his cause every month.
This is a comprehensively informative, inspiring & accurate commentary of yours on PRC's system of economy. It is amazing that as an US educated American you understand China so much. Thanks, Ben.
The comments are so disappointing. There're just so many close minded people who don't understand what ben is saying.
Not true. We understand that revisionism only brings about the return of capitalism. China will eventually drop its socialist mask.
Fox news does that to their people. They don't just report news. They already form opinions for you. Smart people must remove their thinking cap when watching these western media outlets.😂
They don't want to understand.They have been brainwashed to reject the truth.
It would be great to have a video where you explain the Chinese Political System, debunking the propaganda that China is a dictatorship.
At a local level it is a lot more democratic than the West.
How many members do all the political parties have in your country?
In Germany it's 2%. As far as I know it's 5% in China. Swiss is the only country with more democracy. There the elected parties have only limited power, since people can direct policy by referendums.
China ist the second most democratic country by this measure.
@@masukomimediashut it and zip it with your bs.
@@masukomimedia, George Soros put $2M into financing the student cause, the CIA and MI6 using Hong Kong mafia extracted the student leaders to the west. All document in Western sources.
M
George Soros donated $1m to his China Fund I 1986 backing the T.Square students,
Ref Wasting Post 7th August 1989.
Operation Yellowbird, CIA MI6, extracted the student leaders from China.
Have been using youtube for 17years , and this content is the first and only ever telling the audience what the Chinese governing system truely is, it is not state capitalist,. Not absolute socialist, it is called socialist in chinese characteristics, familiar name right? But Ben explained it today. Kudos to Ben. From this day, the mysterical box is opened.
BRAVO, BRAVO!!! Brilliant episode of GER, exceptional teaching and GLEEFUL learning on my part. I need to watch it again just like I have re-read really good books, to do the brilliance justice.
Ben, this is one of your best videos. I hope you are enjoying your time in Beijing.
The State meaning The People!
No, in China that does not mean the people.
@@user-zu5do6ri6r Correct. It is not a workers state but very much a capitalist one.
The State never means the people. That is the biggest ML lie. State ownership is not truly "public ownership"
The state meaning the people means many people not individuals. Capitalist refers to individuals or dynasties.
state is not the people, if people lost the state
That was an exceptionally clear description of the difference between the American approach to wealth and growth and China's approach. It doesn't take much reflection to understand which model works better for everyone in the society. The answer, unsurprisingly, is not the United States.
I wonder what the best opportunities to invest now are, there are opinions but a little later I find out these opinions don't matter as a totally different turn of events play out with the stocks they discussed therein...
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of 550k, which is about 10 times more than I average on.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Ethan Grayson is one of the finest portfolio managers in the field. He's widely recognized; you should look him up.
China 👏👏👏👏👏👏👏👏👏👏
I guarantee you that nearly no one in the west understands China, I am not exaggerating.
China's economic model can trace back to 156BC, early Han dynasty.
At that period officials decided what business should government do and what business should private entity do.
China is just returned to it's own tradition when she get the Chance in 1978(before there is no chance to do it).
Today is just a super plus new version.
But ofc China didn't want return to emperor like government in the past, the transition from inheritance can lead to conflict and power struggle in between the government.
Where I can find about detail about meritocracy and how China treat the retired government?
What system they can manage overambitious person keep in check??
@@criztaliz3413 They have the People's Congress and so far, it seems to be working well for China.
中國重大改革比漢代還早，漢代某程度承接了商鞅變法，那才是重中之重。
Look man, politically I'm probably more of a Chinese nationalist than a socialist. But this is just revisionist ahistorical nonsense lol. China isn't the only nation with history of government regulating private entity and you just can't pretend that the current Chinese government has nothing to do with Marxism.
@@foodparadise5792 关陇制度才是最终形态
Marx would agree the capitalist development is a necessary stage of human development towards eventual socialism and communism
Yup.
Asian philosophy is to ensure that leadership will complement and is in balance and harmony with the needs of society.
Thanks!
Kim Iverson and her recent guests disagree because to her and her guests, communism is a brand without a definition...
So sick of lazy/disingenuous takes. Thanks Ben! I learn a ton from these, and from Radhika and Michael as well.
Kim 🤡, said, China is Communist so i will not visit China.
As a person from Vietnamese descent 😂😂😂😂😂, or Korean?
I dont care, she is a🤡
I think Kim was brought up to be bitter about losing the Vietnam War to communists because her parents had to flee the country. That's my theory anyway lol
i disliked her video where she had a right winger saying bad things about communism.. first on ive ever disliked of hers
She is more tolerable than 99% of the so-called geopolitical reporters. She lacks comprehensive understanding of Chinese systems and communism, so she cannot offer meaningful rebuttals to these neocon/neolib think tankers.
Engles must be crying over his wasted time writing the Principles of Communism
I remembered 10 yrs ago, I expanded my business. Our Chinese supplier offered to finance expansion at only 4% interest per annum thru state owned bank. The only thing supplier required is to continually purchase from them. Now, our partnership has grown. This is what we called Win-Win.
Superb rundown! The look on the other panelists' faces while Louis Saint-Gauve talked about definitions of winning is priceless! Thank you for this, Ben.
The biggest achievement in human history ! ... Excellent video by the way.
Probably the best new upcoming country in the world good on them, and didn't cause any wars getting there
You should probably read history again.
Upcoming? China is simply resuming its rightful place as the most advanced civilization, a spot it has held for millenia before western landgrabs.
You read fake history written by the west.
Comprehensive analysis! Your content is always clear and simple. I used to tell people this but they refused to understand.
What a spectacular exposition of Chinese socialism! It has cleared all the doubts that I was having about the real nature of the economic system there. I highly appreciate this gentleman for his enormous amount of solid and original research that should have gone into the making of this wonderful presentation!
Please don’t listen to this nonsense china hasn’t been socialist since the death of mao
The key is to pick the different good ideas and adapt, not being stuck in ideological dead-ends. China understood that. The USSR too but made major mistakes trying to transition and got tricked by Uncle Sam.
The trick came easy since revisionists were running the USSR.
Chinese SOEs are profitable. Their dividend payments are also higher than American companies.
I sold all my American stocks and bought Chinese SOE stocks because much better dividends. For example Chinese banks pay double American banks
oh, that's interesting
How can you buy these dividend stocks? I'm a dividend investor
Depend on the SOEs. Transporation SOEs are operate at a net loss for example. Some however are profitable.
@@phongnguyen-we8fu China's SOE "state owned enterprises" should be called "Socialism Owned Enterprises". They control the majority of the most important commodities for a country, food and energy, etc., keeping it affordable for the masses, thus keeping inflation really low 1.7%. I wouldn't be surprised if there are some corruption but it's working very well. Compare to the capitalist west where private enterprises own land, food and energy and they could care less if your energy and food bills are too high. In fact, they took out food and energy in their "core inflation" figures lol. What a joke! Fools all the ïdïóts in the ŰŠ. But I am collecting huge ridiculous dividends from my energy stocks lol, ET EPD AM (25%+ yield on cost). So I could care less if I have to pay $6 per gallon for gasoline in the ŰŠ. It works for capitalists and investors like me, but not for the 99%...
@@peanut0brain goto interactive broker and open an account you can buy China state bank shares on Hong Kong stock exchange some are at 7/8 % dividend rate
Fantastic show! Thank you so much. I often watch financial channels and usually feel like the China economy is misrepresented. Now I know I'm not crazy.
Dear Ben, this is hands down the best and most informative information about the Chinese economic system, and the differences with the Western capitalist system that I've ever come across. Thanks for your excellent work. I wish there where more journalists that operate on your level. Journalism in the West nowadays seems to have mostly deteriorated into a cleverly hidden propaganda exercise, unfortunately.
Brilliant Video Ben...!
👏👏👏
Evergrande was mainly Foreign Investors trying to make Money for Wall Street etc in Pension Fund investments thinking there would be next to no risk.
Now all the failed Properties are being sold to Chinese families to live in.
Chinese Couples were separating so that each could buy a Property each...then remarry and let 1 Investment Property out!
Chinese people can now buy homes at affordable prices, buy Furnishings etc instead of having to live with Parents plus have more Children and space for them.
If the same real estate collapse is to happen in Western Capitalist dominated societies, the entire society will collapse into a rubble overnight - as we have seen what happened in the U.S. Sub-prime Mortgage predatory lending which led to the Global Financial Crises.
Although China's per capita GDP was as low as Sudan in the late 1970s, but due to socialism in equitable resource distribution, the Chinese people were far healthier, better educated and had better infrastructure than Sudan and India. This is comparable to Cuba. Cubans are very poor in GDP terms, but Cubans are most healthy and well educated in the Western hemisphere. These conditions in the late 1970s lay the foundation that allowed China to become one of the most competitive places for foreign direct investment for manufacturing.
It is always good to hear real news and not fake news like on tv, thank you Ben, blessings
Informative and entertaining. Eye opening. Ben, you deserve an award for your work.
Excellent source of information and contrasting of China's concept of how the economy should work and the capitalist Western concept. Keep up the good work!
Excellent piece of work. The mistake many make is not understanding the thinking and principle of the Chinese market in relation to socialism.
The CPC doesn't think it is doing a good job. It KNOWS it is doing a good job and the Global Majority can see that.
But the CPC also knows it can do an evening better job.
Thank you so very much Ben Norton!
China's "socialism with Chinese characteristics" means the ultimate goal remains NON-negotiable: which is to ensure EVERYONE should not have to worry about survival (where to spend the night, when will they get their next meal, etc.) and, in order to achieve that, the government should not restrict themselves to policies & methods associated with a socialist regime.
In short, it spells out their mission (goal) & their methods (be flexible & adaptive.)
That is why despite its increasing number of rich people, it ALSO managed to pluck hundreds of millions from poverty.
That is also why despite its rise from an agrarian society to an industrial powerhouse, its FARMERS (no big range owners like in the U.S.) enjoy financial security instead of being exploited.
People in countries that practice various forms of 'democracies,' such as Argentina, the Philippines, etc., should ask themselves: Why do their rich get richer while the poor continue to be poor? Why are their countries - despite being "allies" to the West for so long - seem forever to be still 'developing' with no end in sight? Is there something wrong with their politicians who just mimic or follow what those developed nations 'advised' them to do??
Thank you, Mr. Norton. It's always a joy listening to you. Clear, factual, easy to understand, and above all, your views are from a unique angle with lots of wisdom.
Excellent video! Please do a companion piece explaining the Chinese government, Including, voting, courts, People's Congress, Standing Committee, roles of President vs. Premier.
These are great ideas!
China has exceptional hybrid system that America don't and want to understand and say the truth that China has a great, powerful, exceptional hybrid,smart system whose are goals are to allow market concepts while still working for the betterment for its people!!!!
4:20 The economy of the soviet union was not entirely planned, at any point of it's existence. Markets always existed, for consumer goods. They did planned the production and refining of raw materials, but the limiting factor was pen and paper planning and computing power from that era (and the Kantorovich model used for planning, he successfully managed to plan a paper mill properly but a whole economy have like 10000-20000 inputs in the linear equation depending on the country). Paul Cockshott have written about this.
Great show, you are the best on the internet.
Once again, awesome analysis Ben. Now I’ll have a few more arguments to debate with my father in law when he waves around the red scare tactics around the dinner table :)
Thank you so much!
Also, it would be good to see a comparison of China's crime rates with those of the U.S.
What are the numbers of shootings, robberies, assaults, rape, mass shootings, etc. It would be very revealing tp expose which economic and cultural system is more conducive to living well..
Do we include crimes committed by the government?
Do the 20 million people in concentration camps count as a crime?
Is the population of G@z@ 20m?
Or is the population of occupied Kashmir 20m?
Can you be more specific?
Maybe tell us about why 60% of the population in cities of little-India lives in slums.
@@user-zu5do6ri6r And where did your "20 million people in concentration camps" come from? Solid evidence and proof required - not from some hearsay, third-party gossip columns and conflated made up reports from secret foreign agencies with a hidden agenda, please.
@@user-zu5do6ri6rdo we take in to account the war crimes the western governments have committed over the 40 years or so!!
Taiwan is still not a country because they claim China is part of Taiwan in UN till Taiwan lost their seat.
Thank you, Ben, for the excellent analysis.
Thank you for always posting all your sources, your channel and website have helped me a lot during my studies. Keep up the good work
Most important video on China's economy anyone has ever made in English!
Excellent! Thank you for sharing.
Can you do a video on China's public services ? Health, housing, free education, retirement... ?
you can search a blogger “living in china”
Thanks for this video Ben. This is exactly the kind of thing I was hoping you cover soon.
Such an excellent analysis and informative speech that I have to watch twice or more to learn and absorb all the details 😊. Thanks Ben for your continuous hard work and sterling efforts on explaining how the CPC practises and materialises Common Prosperity to its own people.
So much learned in under an hour! Brilliant! 🌟
Thank you so much, Ben, for this excellent in depth and simple reporting on Chinese economy, I have always been interested to learn how it actually works ❤
I was skeptical of the title at first, but this truly was an exceptional video.
Thank you, Ben...I learned a lot today. Truly appreciate the hard work you put into all your videos.
Thank you Ben! Me and my brother enjoy all your videos. Saludos desde México
Thanks for this illuminating video!
So thankful for the hard work you put in to prepare your subject.
Thanks so much for covering this topic. It’s something I’ve wondered about and not properly understood. Keep up the great work, you fill a valuable space in the media and knowledge landscape.
Thank you, you are the most powerful analyst of this era.
Very good analysis.
In fact, the Chinese called it capitalism in a special Chinese way. Deng said no matter it’s a black or white cat as long as it catches a mice in a legal way is a good cat . Basically, it’s a hybrid system.
As Mao said, the CCP party key mission “is to serving the People”!
Really good analysis Ben. So dense I had to watch it twice.
Everyone, please share this.
Amazing analysis and reporting! This should be propagated through ALL world leaders and ALL those care!.
Deng Xiaoping introduced "capitalism with socialist characteristics".
In other words: mixed economy?
@@madworldisrael7584
In another word, any thing that works for the benefits of the country and well being of its citizens
Many here are too young to remember, but the USA and PRC had good relations during the Deng period. Back then China had a leader of the people -- now it's stuck with a dictator, bullying one country in the region after another.
@@jagtanjysure but it's not socialism
Technically one party dictatorship captalistical socialism country unlike most european countries where they are social democratic coutries
Just wondering if Huawei is considered a non-public company. As we know, Huawei is a social enterprise which is wholly owned by its employees. It is a private company but not listed company in the stock exchange.
The Chinese system has been successful in rapidly developing its economy, lifting millions out of poverty, and maintaining control over strategic sectors. However, it also involves more state control and potential limitations on individual economic freedoms.
The US system has fostered innovation and created significant wealth, but has also led to increased wealth inequality and potential economic instabilities due to financial speculation.
Ultimately, the effectiveness of each system depends on various factors and societal goals, and both continue to evolve and face their own challenges.
There is a difference between socialist and communist. You can have a stock market if it is socialist but not communist.
communism is in basic just the idea that there will be a better system after socialism, it still considers socialism to be the next step after capitalism. nowadays socialism and communism are interchangeable, when you hear of a "communist state" it is actually a socialist state.
@@jason59k55 Marx's refers to the low phase of communism as socialism. This is part of the reason why socialism and communism are used interchangeably.
@@jason59k55 Nonsense. Socialism can be defined as lying somewhere between capitalism and communism. In a communist state, you cannot own any property or own and run a private business.
@@kobemop well more specifically marx called for a dictatorship of the proletariat leading to the transition to a communist society, which would be keyed by lenin as socialism.
@@tuppenceworth5485
Socialism is a global system, where classes and borders no longer exist, where the state is withering away, and the working class rules, Communism comes after Socialism, just add that the state has disappeared, money no longer exists.
The stock market existence means it is a capitalist economy.
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
Interesting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
He is really a good investment advisor. Was privileged to attend some of his seminars.that's how I started my own crypto investment
I have been reading the works of Mao and was struck by the frequent favourable mention of free enterprise, democracy and "other parties". Yet all in the context of discussing socialism and communism. The idea that communism has no room at all for capitalism is a western one. Mao understood that communism in China had to coexist with a world of capitalists and other ideology. He was insistent on coexistence and cooperation. The west often portray men like him as Idealists who were impractical. It's true that im his latter years, others who were intellectual pygmies hijacked the political stage and almost totally wrecked China. But Deng and Zhou who, no doubt, had endless discussions with Mao were able to bring it back on track. Now, Xi has shown himself as intellectually acute as Mao himself, as we have seen, carried on his legacy.
Knock out video essay (again)! 🤩 Love your work Ben. I know nothing and benefit so much from your GER. Sharing the vid now.
China has the best tourist🎉 attractions/destinations in the world.