As China shows, liberal capitalism is not the only path

Much of the Western debate about China begins with a category error. “Communism” is often treated as synonymous with a monolithic command economy, limited private enterprise and bureaucratic control over every commercial decision. Modern China does not fit that model. It is better understood as a mixed, state-led system in which private enterprise, foreign investment and fiercely competitive markets coexist alongside public ownership and state control in strategic sectors. This is more than...

By Bernard Chan