Livemint/Bloomberg: Xi Jinping says China won’t return to planned economy, urges cooperation
* Xi Jinping reiterates the government’s stance that markets should play a ‘decisive role’ in the economy
* The comments come as China faces mounting pushback from the Trump administration on a range of issues from trade to its handling of the coronavirus outbreak
Chinese President Xi Jinping said he won’t let the world’s second-largest economy return to its days as a planned economy, pushing back against U.S. criticism that the nation has failed to deliver on promised reforms.
“We’ve come to the understanding that we should not ignore the blindness of the market, nor should we return to the old path of a planned economy," Xi told political advisers gathered in Beijing for their annual legislative sessions on Saturday, according to the official Xinhua news agency. He reiterated the government’s stance that markets should play a “decisive role" in the economy.
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WNU Editor: It is now official. Marxism/Communism is dead in China. Free markets will rule.
Update: No one is saying this, but I will be the first. Former Soviet leader Khrushchev is known for his speech "On the Cult of Personality and Its Consequences". A speech that started the long process to discarding the cult of personality and rigid communist dogma that had ruled the Soviet Union for decades. President Xi's speech is different, but it will also have an enormous impact. It is an admission that planned economies do not work, and that markets decide. I guess he read Adam Smith's book .... The Wealth Of Nations.
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