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China Has Billionaires, but they are not oligarchs. They have very little political power. Just look at the number of rich people who’ve received the death sentence with reprieve, or the property developers who were left to flail and go bankrupt, or the sorry state of Jack Ma when he tried to exercise political influence.
These are some of the reasons why I would argue that it is wrong to place the People’s Rep. of China in the category of a generic capitalist country. I actually consider the Chinese economy to be presocialist, but the evidence that I have seen suggests that capital, the law of value, and generalised commodity production are all steadily shrinking in terms of prominence and importance, which is the opposite of what we would expect to find under a typical capitalist régime (id est a dictatorship of the bourgeoisie).
Marxist-Leninsts consider socialism to be the transitional stage from capitalism to communism (under a dictatorship of the proletariat/democratic centralism), so from that point of view, the China is socialist now. https://files.catbox.moe/6n2qll.avif
I know… but the grumpy leftcom in me still prefers the strict criteria.
Paradoxically, I think that most ultraleftists would roll their eyes at me anyway for having a mostly positive view of the People’s Rep. of China.
