Deng said that allowing some people and regions to become rich first would speed up growth and would help achieve the ultimate goal of common prosperity.
In 1985, Deng is quoted as having said that “we will fail if our policies lead to rich-poor polarisation, and we will really be on an evil path if some new bourgeoisie is created [due to the wealth disparity]”.
Sslee do you know why he needed to say that. Because it is against Marxism or Socialism and the others communists leaders are against its. He knew that common prosperity defintely cannot to achieve under Capitalism. He is facing life or death for CPC . Hence he got no choice but chosen Capitalism
"Common prosperity" was first mentioned in the 1950s by Mao Zedong, founding leader of what was then an impoverished country, and repeated in the 1980s by Deng Xiaoping, who modernised an economy devastated by the Cultural Revolution.
Sslee the above was taken from the article link that posted by you. Mao has mentioned "Common prosperity" in 1950s. I am sure that you do agreed that Mao definitely not a capitalist. He is a socialist or communist right ?
>>>>>>>>>>>>> Posted by Sslee > Jan 24, 2022 4:43 PM | Report Abuse
CHINA TECH Deal breaker? China nationalizes strategic tech with eye on US Beijing takes control of 44 companies despite Washington pressure in trade talks Meiya Pico, a Chinese digital forensics and cybersecurity company, has come under state control. (Photo from the company's website) SHUNSUKE TABETA, Nikkei staff writer January 17, 2020 04:46 JST
BEIJING -- China is taking throngs of high-tech companies under its wing to prepare for a protracted standoff with the U.S. despite calls from Washington to step back from the business sector.
The two countries signed a "phase one" trade deal Wednesday, but deferred thorny topics like intellectual property protections and Chinese state subsidies for a second round of negotiations expected to start soon. The nationalization of high-tech companies could become a potential roadblock in the so-called phase two talks.
A total of 165 listed Chinese companies changed ownership in 2019, roughly 60% more than the year before due to China's economic slowdown, according to the China Securities Journal, a newspaper backed by the state-run Xinhua News Agency. Of those that changed ownership, 44 companies, with a combined market capitalization of about $36 billion, were acquired by state-owned companies or government-run investment companies. Many were involved in highly strategic fields like surveillance and information systems.
The largest on the list, with a market capitalization of about $2.3 billion, is Xiamen Meiya Pico Information. The company, which was put on a U.S. trade blacklist in October, works with law enforcement officials in digital forensics and online censorship, and is now under the control of the state-owned State Development & Investment Corp.
Shenzhen Infinova, bought by a Shenzhen government investment company, produces items like surveillance systems for law enforcement. Its products have been sold to over 100 countries, including in North America and Europe.
Another surveillance system provider, NetPosa Technologies, was acquired by Sichuan Province's investment arm.
The trend extends beyond security-related businesses. Shenzhen Yinghe Technology makes production equipment for lithium-ion batteries, which is one of the industries promoted under President Xi Jinping's "Made in China 2025 initiative. Yinghe was bought by state-owned Shanghai Electric Group.
Ygsoft, which makes artificial intelligence-driven software for the power industry, is now under the State Grid Corp. of China.
China's regional and other governments have raised about 500 billion yuan ($72.7 billion) since late 2018 to rescue struggling private-sector businesses, 86 billion yuan of which had been used by the end of June 2019, local media reported.
But only 11 of the 44 recently taken over by state enterprises were in the red in 2018. Meiya Pico's net profit increased 10% that year on a 20% jump in revenue, while Infinova and NetPosa logged a 50% and 20% sales increase, respectively.
The government likely picked these companies to protect them amid the growing technological rivalry between China and the U.S. The administration of U.S. President Donald Trump has been targeting Chinese tech companies through tariffs and embargoes, concerned that they could challenge the U.S. in new, strategic fields.
Private-sector companies are a main driver of the Chinese economy, accounting for more than 80% of the country's employment and more than 60% of gross domestic product, according to the All-China Federation of Industry and Commerce.
But they were outperformed by state-owned compares for the second straight year. Private companies earned 1.59 trillion yuan in profits in the first 11 months of 2019, less than the 1.6 trillion yuan by state-owned companies, based on data from the National Bureau of Statistics.
The nationalization of private tech companies "is one of the Communist Party's support measures," a regional government official said.
Not all see it as a positive development. "The government is strengthening its grip over private-sector companies and pressuring them," said one financial executive.
What is the WELFARE STATE like in the socialist CHINA of XI JINPING? - VisualPolitik EN
VisualPolitik EN 1.14M subscribers
What kind of welfare state is there in the People's Republic of China? What are its public services like? How do they work? Theoretically China is a socialist country, but... how does this shape up in practice? In this video we tell you the most important facts about how the welfare state works in the great Asian power.
China's largest battery maker plunges again, 31 billion dollars market value evaporated
China Reports - The BL 12.9K subscribers
Shares of CATL, China's largest battery maker, plummeted again. On February 10, its stock price plunged by nearly 9%. Since February, its market value has evaporated by more than 200 billion yuan (31 billion dollars).
Contemporary Amperex Technology Co. Limited (CATL) was founded in Ningde and used its Chinese name - 'Ningde era' or 'Ningde Times.' According to public information, as of September 30, 2021, CATL had 134,200 shareholders with a market capitalization of over 1 trillion yuan (157 billion dollars) on the Growth Enterprise Market (GEM).
In early trading on February 10, the Ningde Times stock price fell below the 500 yuan (79 dollars) mark. The decline narrowed at the end of the day and finally closed down 5.32% at 518.1 yuan (81.5 dollars). Affected by the slump in heavyweight stocks such as Ningde Times, the A-share ChiNext Index fell 2.36%.
Having said that...But if you are a season investor with good knowledge of international economy & local economy then your should concern what happen to the world 2nd biggest economy in the world ie China.
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China can't hide its employment crisis, expert says #Shorts
China Reports - The BL 13.1K subscribers
China can't hide its employment crisis, expert says #Shorts
On February 9, the Chinese newspaper "People's Daily" published an article in its overseas edition to encourage "flexible employment." "Flexible employment" refers to those who are employed in flexible forms such as part-time, temporary, and flexible work.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....