Indeed, there had been a sense among China’s political elites that “if Xi didn’t clear things up, then the place was going to implode and the Communist Party was done” and that Xi was their last hope. The conventional definition is that it is a centralized economy which is claimed to be based upon scientific socialism. Xi Jinping was very careful to point this out lest he antagonize the leftist doctrinaires as did his predecessors. The main failure of the communist left was their belief that they could leapfrog from the primary stage of socialism to economic modernization. Xi has promised to stress the importance of economic liberalism both “bringing in” and “going global.” This augurs well for the world economy.

Source: Manila Times October 27, 2017 16:18 UTC