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President Xi Pivots On Chinese Capitalism, Pivots to Mao’s Socialist Vision

SPECIAL TO THE SUN - Lawrence Kudlow - SEP 22, 2021 - GELLER REPORT -

Witches Brew Starts To Bubble in Communist China, as Xi Jinping Edges Into Maoism


In case you missed it, the Wall Street Journal features on its front page a blockbuster scoop, written by Lingling Wei, a veteran Chinese reporter. It runs under the headline: “Xi Jinping Aims to Rein In Chinese Capitalism, Hew to Mao’s Socialist Vision.” In other words, Mr. Xi is going Mao.


The pathbreaking market reforms of 40 years ago are going to be reversed. They’d been unleashed by the daughty vice premier, Deng Xiaoping, who, up to a point, modernized Communist China’s economy and made it an economic competitor, indeed an economic adversary of the United States.


Many of us watching China have seen this trend for a good many years. Recently Mr. Xi has cracked down on business and the stock market and successful wealthy entrepreneurs in China and, of course, he rolled over the free market democracy in Hong Kong. He’s aiming at Taiwan next.


The Wall Street Journal’s dispatch is the clearest reporting of Mr. Xi’s intentions. We will cover this, this evening and in the days to come because it is a major, major story. Mr. Xi is campaigning against private enterprise. Rolling back Communist China’s evolution toward free market capitalism, indeed cutting way back on market forces in China

This has included attacks on private capital and instituting at least 100 regulatory actions over the economy — going after Alibaba, then upsetting public offerings by Tencent, Didi, Jack Ma’s Ant group, and other stock market issues. Mr. Xi has singled out the internet technology sector for being too big and powerful. All this has taken $1 trillion off the chinese market values.


Mr. Xi wants more equality, greater distribution of wealth, and a government run economy. Essentially Mr. Xi has issued a declaration of war on behalf of his working class followers against capitalism. He wants some kind of pure socialism as his goal.


This Chinese socialism would be put under the sole control of the Chinese Communist Party. Perhaps clinching the deal on July 1 during the celebration of the Chinese Communist centenary, Mr. Xi wore a Mao suit. Having said all that, somewhat tongue and cheek, but not entirely, I can’t stop myself from asking, really what are the big differences between Mr. Xi’s and Mr. Biden’s economic policy?


After all, Mr. Biden is campaigning against private enterprise. He doesn’t believe in market forces. He’s attempting to regulate every nook and cranny of the economy. He constantly talks about the need for more equality. He favors redistribution of income and wealth. Sound similar?


There’re only two major differences that I can find between the policies of Mr. Biden and those of Mr. Xi. First, Mr. Xi hasn’t raised taxes. And if Mr. Biden gets his way, the United States will have much higher business and investment taxes than the communist behemoth. and Second, Mr Biden doesn’t have a Mao suit. At least not yet.


President Biden doesn’t talk explicitly about socialism, but I’m with Newt Gingrich in describing Mr. Biden’s policies as big government socialism vs. free enterprise capitalism. Seriously, the economic similarities of the two presidents should give everyone some food for thought. Of course, the biggest difference is systemic: America is a democracy, a free country. China is certainly not.


LEIA MAIS NO ORIGINAL:


Para acessar o Conteúdo acima: https://www.heitordepaola.online/


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