InfoAnda - After 60 years, China's Communists mean business

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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters After 60 years, China's Communists mean business Tue Sep 29, 2009 7:46am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Lucy Hornby BEIJING (Reuters) - Shortly after the Communist Party took power in China, capitalists in Shanghai paraded through the streets with drums and flags, asking the Party to take over their businesses. On Thursday, the Party will celebrate the 60th year of its rule over mainland China, having mostly abandoned its Marxist ideals for "socialism with Chinese characteristics" -- a messy mix of competitive capitalism and political monopoly. The party is now deeply entwined in the economy, giving Beijing a remarkable amount of leverage over bank lending and sectors such as telecommunications and energy, but impeding further structural and political reform. Close ties between the Party and business paves the way for reforms like stock listings, where government and state-owned enterprise (SOE) interests are aligned, but tend to obstruct changes that reduce the power of the Party. "Overall, China's heavy reliance on the state sector prevents the private sector from growing, hence limiting the growth of China's urban middle class," said Wang Zhengxu, senior research fellow at the University of Nottingham's China Policy Institute. "The urban population's income depends more heavily on the state ... preventing the growth of state-challenging attitudes." SOEs are clawing back a bigger role, turning the tide after market-oriented reforms of the 1980s and 1990s allowed the private sector to flourish and reduce Party influence. The state sector accounts for 30-40 percent of economic output, down from about 80 percent in the late 1970s, estimates Arthur Kroeber of Dragonomics in Beijing. But over the last year, consolidation favoring SOEs, especially in steel, and the choice to keep the yuan currency essentially unchanged against the dollar, show a reassertion of control at the expense of market forces. "The recent advance of SOEs in both the central and local level is an enormous drag on economic reform and has implications on the world," said Victor Shih, who teaches political science at Northwestern University near Chicago. "Faced with a soft budget constraint and a government with deep pockets, Chinese SOEs are making massive investment in multiple sectors, driving out both domestic and foreign competition across the board." The global economic downturn gave cash-rich state firms a shot at prime overseas projects that suddenly lacked funding. Meanwhile, although China's export-oriented private firms were hit hard, the country's 4 trillion yuan ($585.9 billion) stimulus package was largely funnelled through state-owned banks to sectors such as infrastructure where SOEs are strong. The collapse of big Wall Street names helped discredit Chinese advocates of a more open economy, and gave voice to those praising the Chinese model where the state plays the lead role. FIGHTING BACK WITH STEEL Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Brown aims to revive UK Labor with policy blitz analysis Obama's call on Afghanistan If President Barack Obama decides to send 30,000 to 40,000 more U.S. troops to Afghanistan, he will be doing it against the advice of some advisers and leading Democrats in Congress. Full Article Full Coverage: Afghanistan, Pakistan More International News Iran warns West against "past mistakes" Typhoon kills 32 in Vietnam; Philippine toll at 246 | Video Roadside bomb kills 30 civilians in Afghanistan | Video Brown aims to revive UK Labor with policy blitz Yemeni rebel leader denies seeking Shi'ite state More International News... Video 'Maoist' village changes with China Play Video More Video... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Phone off? 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Cyborg beetle flies by wireless US calls Iran tests "provocative" Illegal migrants in poverty trap Taliban commander captured Philippines typhoon kills 86 UK navy's record cocaine seizure Movie maker Polanski arrested 3D holograms go tactile Most Popular Videos RSS Feed analysis After 60 years, China's Communists mean business China's Communist Party will celebrate the 60th year of its rule over mainland China, having mostly abandoned its Marxist ideals for "socialism with Chinese characteristics" -- a messy mix of competitive capitalism and political monopoly. Full Article Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. 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