Xi could move China to an economic system “that does not exist anywhere in the world”

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Xi Jinping stands above the portrait of Mao Zedong. Lintao Zhang / Getty Images

For a long time, analysts have attributed Chinese President Xi Jinping’s tributes to Mao Zedong to “political staging”, but a the Wall Street newspaper examination of Xi’s recent writings and speeches suggests that they should take him much more seriously. It now appears that Xi is trying “forcefully” to bring China back to Mao’s socialist vision, the Newspaper writing.

It’s a strategy that involves much more aggressive state interference in what may one day be the world’s largest economy. This marks a change from the past 40 years, when Chinese leaders allowed more room for market forces, boosting private sector growth. Xi, however, has increasingly been shown to be more ideological than his predecessors, and his rhetoric over the past few years provides insight into his determination to target big business and redistribute wealth among the population.

The Newspaper notes that Xi is not trying to eradicate market forces completely (for example, he would like to allow private small and medium-sized enterprises to continue to grow), but he wants the Chinese Communist Party to “direct the flow of money “and hamper the ability of entrepreneurs and investors to make a profit even more than it already does.

“Xi thinks he’s moving to a new kind of system that doesn’t exist anywhere in the world,” said Barry Naughton, a Chinese economics expert at the University of California, San Diego. Newspaper. “I call it a government run economy.” Read more on The Wall Street Journal.

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