Commentary Chinese leader Xi Jinping explained his theory of Politics in Command Economy as creating “a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful.” In a 2016 speech, he told business leaders that in addition to making money, they had to love the motherland and love the Communist Party. He is now putting the finishing touches on a system where companies will serve the interests of the state, participating in initiatives such as the Rural Revitalization Strategy and the Belt and Road Initiative. In return, the state will support the activities of these companies, in a profit-sharing partnership. Industrial policy seems to be at the core of Xi’s new economy, as the country edges closer toward state capitalism. He is expanding the role of state-owned firms, calling for the central government to have greater control over the private sector and private investment, while allocating …
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