The Chinese Communist Party is not “communist.” China permits private ownership and corporations. Consumerism and capitalism are alive and well. Forbes reported in April 2021 that a new billionaire was created worldwide every 17 hours, with the majority of newfound wealth coming from China.
The USA may be the billionaire capital of the world, with between 813 and 902 billionaires recorded, but China has seen a significant rise in the top wealth bracket in recent years. Mainland China currently has around 450 billionaires with a combined wealth of $1.7 trillion. China also hosts over 1,400 people with fortunes above $700 million. Billionaires do not exist in communist nations.
Karl Marx’s communism involved seizing the means of production. The government owns land, infrastructure, factories, and corporations under the premise that the ruling class could be eliminated by surrendering ownership to the state. Citizens may not accumulate wealth, as no one may have more than another, and certainly not more than the state. Everyone must be equal in poverty.
Under communism, the incentive for innovation is null and void. China has become a pioneer in innovative technologies and discoveries in every sector. Entrepreneurs are abundant in China, and investment and international trade are encouraged. The China of today is one of the leading players in the global economy, driven by modernization and competitiveness. The China of the past may have been communist, but the government is not going to take down statues of Mao or announce past wrongdoings.
China quietly moved away from communism decades ago. They saw it wasn’t working and made a change without a public declaration. Yes, the CCP is certainly authoritarian to some degree, but it is a fallacy to call China a communist nation.
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