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Web of Proceedings - Francis Academic Press
Web of Proceedings - Francis Academic Press

Uncover Chinese Economic Miracle

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DOI: 10.25236/icemeet.2021.048


Yong Duan

Corresponding Author

Yong Duan


Both pure socialism and pure capitalist mode of production have fatal weaknesses. Walking on two legs is the best choice. This is the key to the success of Chinese socialism. The socialism practiced in China today can be called national socialism, which has the following three main characteristics. First, the government manages production. It includes the management of state-owned enterprises and the management of markets and social production by administrative and legal means. Second, spend more money by big government with small society. Third, collect more money and exploit the people. There are four ways to exploit the people: (1) heavy taxes; (2) monopoly profits of state-owned enterprises; (3) nationalization of resources such as land and minerals; (4) printing of banknotes. Chinese government competes with the people and it sounds bad, but in the end it is good for society.


Economics, China, Public ownership, Miracle, Uncover