this post was submitted on 24 Jul 2025
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Their large firms and key industries are publicly owned, and central planning is the backbone of their economy. Their economic base is the public sector. This is socialism. State capitalism is when the large firms and key industries are privately owned, but directed by a strong state, like Singapore, the Republic of Korea, Bismark's Germany, and the US post-WWII. As far as corruption, over 90% of Chinese citizens approve of their government. Xi is incredibly popular because of the anti-corruption campaigns successfully removing large amounts of opportunists.
I don't really know what you think socialism is.