[scoopertrooper]

China doesn't have a centrally planned economy though. It certainly has a lot of state intervention, but resources are primarily allocated through market mechanisms.

Much of its industrial policy actually resembles that of democratic states like Korea and Japan.

I'd argue China's experience presents a great argument for a mixed market economy that allows state intervention, while also recognising the importance of markets and decentralised economic coordination.

However, we shouldn't overhype China's progress. The fact of the matter is that China was always destined to become an economic juggernaut given its population size, stability, and resources.

It's just China had been tied down by Mao and his supporters managed to hijack the government for several decades and hindered China's ascent with their whacky policies. We're now seeing it snap back to where it belongs.