How can China be socialist if it has a stock market? Understanding the Chinese economy

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

|| Geopolitical Economy Report ||

[mijmijrm]

The Chinese Government uses appropriate tools for the job. The US Government _is_ a tool that is used by the highest bidder.

[yin]

In China the state controls capital, in the United States capital controls the state

[PerceivedREALITY]

US wanted to make a fool out of China. But instead, the US made a fool of itself. Let that be a lesson.

[martiniiilim]

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.

[kateouyang]

Even as a Chinese person that grew up in China, I find your video very informative. China has problems, and it always will, but I've witnessed how Chinese people (including my parents) were lifted from poor living conditions, and how life quality improved significantly. The fact that those mega cities we see today were dirty and shabby not that long ago always amazes me. I've seen so much changes, in just a few decades. I'm only 29 this year.

[zoomdaddyo]

“It is the heart of U.S. policy to use fascism to preserve capitalism while claiming to save democracy from communism.”

— Michael Parenti

[Faye_Liu]

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

[Faye_Liu]

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!

[Agatha.wayne]

This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.

[foxtraner]

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.

[RoyMunson]

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.

[chrissy]

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 🙏

[zoomdaddyo]

“Capitalism has neither the capacity, nor the morality, nor the ethics, nor the will to solve the problems of poverty.”

— Fidel Castro

[clumsytriangle]

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!

[avSamikkannu]

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!

[PerceivedREALITY]

China has the greatest manufacturing capacity. US has the greatest clown production capacity and the greatest national debt.

[PerceivedREALITY]

Thank you Ben. Independent journalists with journalistic integrity are the heroes of our time.

[Faye_Liu]

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.”

[PatDonlon]

Learning from China's success would benefit all humanity.
Well done China! Respect.

[gelinrefira]

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.