China Watch: Why Xi Jinping is leading China to “return” to socialism-BBC News

  • Stephen McDonell
  • BBC reporter from Beijing

Image source,Getty Images

Over the past few decades, China has promoted changes in all aspects of society through “laissez-faire” capitalism.

Although in theory, China is a “communist” country. But as a believer in infiltrating economics, the authorities believe that making some people very wealthy can help them get out of the catastrophic quagmire of Chairman Mao’s Cultural Revolution as soon as possible, thereby benefiting society as a whole.

This played a role to some extent. A huge middle class has emerged, and now the living standards of almost all classes of society have been improved.

The gap between rich and poor

From stagnation in the 1970s to becoming a world power, China is now challenging the U.S.’s global economic dominance, but it has also led to a gap in income disparity.

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