30 years of 'socialist market economy'

30 years after the proclamation of the "socialist market economy", the People's Republic under Xi Jinping seems to be relying much more on a centralized economy. But this impression is deceiving. In fact, the private sector has grown faster than state entrepreneurship, even since the beginning of Xi's term in office. China's new Premier Li Qiang also emphasizes how important private enterprises are to him.

Last updated: 24. July 2025