[WalterGR]

What is China?

My understanding is that socialism is primarily about public rather than private ownership. And that centralization of market planning varies in different regimes.

It may be a sufficient condition but it is not a necessary one.

[Mikeb85]

Public ownership = centralized ownership = centralized decision making.

If you can't own anything individually you can't make economic decisions individually.

It's like having a million business partners all with equal voting shares but in every aspect of your life.

[pwinnski]

Left unanswered is: What is China?

China seems to manage largely-decentralized decision-making in a socialist society.

There are exceptions, of course, as Jack Ma is finding out, but then, there seems to be more exceptions in the USA right now, as oligarchs are leveraging their wealth in obscene ways.

[bpt3]

> China seems to manage largely-decentralized decision-making in a socialist society.

Is this the same China where the CCP issues 5 year plans that dictate what the entire country is going to work towards, and the state owned enterprises that control most of the economy execute on those plans?

[anthony_d]

> "as oligarchs are leveraging their wealth in obscene ways."

Which US oligarchs are you talking about and what obscene things are they doing?

[Mikeb85]

China is socialism but allows a certain amount of private enterprise. They still have 5 year plans as pointed out, still have state-controlled enterprises and still maintain a large degree of control over private business.

[yucky]

>Left unanswered is: What is China?

State capitalism.

[nradov]

It would probably be more accurate to label China as a fascist or corporatist state. There are elements of socialism (as well as capitalism) but it isn't the primary policy focus. Look at their actions rather than words.