Its course endangers the economy of the world’s second largest economy.
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(Photo: AFP)
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China has achieved what a communist state is generally not expected to do: high economic growth for decades. It was the introduction of market economy reforms under the then party leader Deng Xiaoping, especially in the 1990s, that led to this success.
It was thanks to him and his successors that private entrepreneurship was able to flourish in the People’s Republic, that the People’s Republic became attractive to foreign investors and consumption grew. Thanks to these openings to a more market economy, China has become the second largest economy in the world.
But under the current head of state Xi Jinping, this model is eroding. Under his leadership, the Communist Party (KP) is turning back the reforms of recent years and the importance attached to the private sector.
The reformers have fallen silent
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