‘Socialism with Chinese characteristics’ explained

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From Deng Xiaoping in the 1980s to Xi Jinping today, China’s leaders have long said the country practises a unique type of socialism – “socialism with Chinese characteristics.” Framed as an adaptive, flexible socialism, it’s tailored specifically to China’s conditions and problems. Initially, the phrase meant an embrace of free markets, free enterprise and trade, to reverse the economic stagnation of the Mao Zedong years. However, current leader Xi Jinping has declared the start of a “new era”, requiring a new type of socialism with Chinese characteristics – with the clearest continuity being that the Communist Party remains large and in charge.

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[vangreen]

It really just means whatever works.
Simple as that.

[Michael-wfkw]

China : socialism with chinese characteristics
Singapore : democracy with chinese characteristics
Conclusion : same soup different label but who cares so long it works

[captives]

'Democracy with Yankee characteristics' is still in vogue.

[elcarajo]

Whatever your opinion, you can't deny that old school Soviet Union went kaput and new school Communist China is now the world's second biggest economy. Pragmatism beats dogma every time.

[madisonthecat]

It' doesn't matter if the cat is black or white as long as it catches mice. My cat is orange but eats lasagna.

[murkser]

I think you switched around Germany and the UK on your GDP chart at 2:11. Germany has a much higher GDP than the UK both nominal and PPP.

[williamli]

Socialism on heavy industries, capitalism on light industries.
That, is socialism with chinese characteristic.

[jp]

Democracy with American characteristics: we support democracy, until that stance is in conflict with Chinese policies and jeopardizes our profits

[kai]

Pragmatism, that's the spirit. The video made it overcomplicated but still not hit the point.

[dkj]

When you look at modern china, one couldn't avoid thinking of this man who gave significant influence - Lee Kuan Yew

[atashikokoni]

Deng Thought was that China could benefit from the growth provided by foreign and domestic capitalists, to raise living standards, as long as the workers' Party remained in control of the state and played the dominant role in the economy. He said that the existence of widespread wealth inequality would be a sign that things had gone too far

Xi came into office and saw that there was widespread inequality and a rising bourgeois (capitalist) class, so, under his leadership, the party is reasserting state dominance over the economy

[hehehoho]

So basically a decently thought out mixed economy system

[suryahadiwinatas]

A roundabout way to call "state capitalism" 🙄

[johnrollex]

Why does your chart say that the UK has a higher GDP than Germany? Did you accidentally swap their places on the chart?

2:12

[krishnasamyvs]

True Leninist path followed by China...Lenin preached that achieving the highest productivity labour power is the path of Socialism n China rightly shifted to that path of achieving productivity through Capitalist means...There's nothing like Socialism with Chinese characteristics..Its the actual path for a socially n economically backward country to become socialist country....

[itsmefmd]

Well China communism is indigenous it's not like Soviet Union

[QuietJugung]

This video miss the two most important and significant Xi's initiatives. Poverty Alleviation and One Belt One Road.

[ggrey]

Socialism with Chinese characteristics.
Socialism with Vietnamese characteristics.
Socialism with Bangladeshi characteristics.

These are currently three of the world's most effective systems which is delivering real results to their people.

[warren]

So basically the same as "democracy with American characteristics"

[skazka]

"Socialism with Chinese characteristics" = market economy with major fully or partially state owned enterprises over key sectors of the economy despite the private sector being the main engine of growth, openess to international trade and investment with protectionist policies like the joint venture requirement for foreign companies, state subsidised healthcare and education, special economic zones with low taxes like Shenzhen and Hainan, capital submitting to political authority and the preservation of the one-party state. Long term thinking and national goals and targets set out in the "5 year plans" are also relics of socialist central planning, though nowhere rigid as before - it still allows for the state to plan and execute out big national projects over a long period of time.