State Capitalism and the Return of Economic Interventionism

Moscow's new financial district, known as Moscow City, June 23, 2016 (Photo by Flickr user Syuqor Aizzat, licensed under the Creative Commons Attribution 2.0 Generic license).
Moscow's new financial district, known as Moscow City, June 23, 2016 (Photo by Flickr user Syuqor Aizzat, licensed under the Creative Commons Attribution 2.0 Generic license).

In late 2013, in a highly publicized address to the Chinese Communist Party’s plenum, Chinese President Xi Jinping announced that his newly elected government would unleash the private sector after decades of gradual economic reforms that left many of China’s biggest industries in the hands of state-owned giants. Market forces, rather than the state, would now play a “decisive role” in the Chinese economy, Xi declared, a line touted by Chinese and foreign media. The declaration represented a major shift: State-owned enterprises consumed the majority of lending from China’s four big banks, and dominate the list of the largest corporations […]

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