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कई विदेशी प्रबंधक, निवेशक और सरकारी अधिकारी – जिन्होंने कभी सोचा था कि चीन धीरे-धीरे एक लोकतांत्रिक, बाजार अर्थव्यवस्था के रूप में उभरेगा – अब चीनी पूंजीवाद के अंत से डरते हैं। कई लोगों का मानना ​​है कि माओवादी सिद्धांतों की ओर एक आदर्श बदलाव, एक सत्तावादी शासन द्वारा निर्देशित अब पहले से कहीं अधिक शक्तिशाली है।

लेकिन सच्चाई यह है कि यह कोई प्रतिमान परिवर्तन नहीं है। पश्चिम बस यह महसूस करना शुरू कर रहा है कि “समाजवादी बाजार अर्थव्यवस्था, चीनी शैली” का चीन का स्व-चयनित लेबल क्या है। चीन के नेता, वर्तमान और अतीत, कभी भी पश्चिमी शैली के पूंजीवाद के लिए प्रतिबद्ध नहीं हैं। शासन के दीर्घकालिक अस्तित्व को सुरक्षित करने के लिए सरकार ने हमेशा अर्थव्यवस्था पर उच्च स्तर का प्रत्यक्ष राजनीतिक नियंत्रण बनाए रखा है। यह नियंत्रण एक नियामक हैंड्स-ऑफ दृष्टिकोण को नियंत्रित करता है।

1980 और 1990 के दशक में, सूचना, पूंजी, भूमि उपयोग के अधिकार और प्राकृतिक संसाधनों के बाजारों को आंशिक रूप से उदार बनाया गया था: नियोजित कीमतों को प्रतिस्थापित किया गया था बाजार मूल्य और नए गैर-राज्य प्रतियोगियों ने धीरे-धीरे मंच में प्रवेश किया। लेकिन इन बाजारों को अभी भी कड़ाई से विनियमित किया गया था, जिससे राजनीतिक नेतृत्व को बाजार के परिणामों को प्रभावित करने के लिए व्यापक छूट दी गई, जब भी आवश्यक समझा गया – न केवल आर्थिक और सामाजिक कारणों से, बल्कि राजनीतिक कारणों से भी। NS [″ target=”_blank”>government continued to influence lending decisions, public procurement contracts and land allocation.
Further, the government has continued to operate state-owned enterprises to remain in control of critical industries, such as telecommunication, banking, energy and mining. Though the government has gradually allowed the rise of a thriving entrepreneurial sector, with millions of small- and medium-size enterprises providing employment for the masses, it has simultaneously strengthened and modernized the country’s state-owned economy by auctioning off small- and medium-size firms — oftentimes to former firm managers, employees or outside bidders — to concentrate state support and financial resources to modernize and scale up its large corporate giants. With considerable success, at least in terms of scale: 82 of the 135 Chinese corporations listed on Fortune’s Global 500 index are state-owned.
Xi Jinping’s administration is eager to frame current policies targeting the private tech economy as part of a broader effort to reduce extreme income inequality. References to “common prosperity” — a term initially used in 1953 — evokes Mao Zedong’s ideas of equal wealth distribution. The narrative is appealing, especially for those left behind in the country’s rapid ascent to global wealth and power. But as long as the government avoids standard fiscal tools to redistribute wealth and reduce income inequality at a larger scale, “common prosperity” remains elusive. If inequality were truly a central political concern, why not rely on a systematic tax reform and extension of public services? Why target select entrepreneurs and their businesses at the cost of creating uncertainty for investors and entrepreneurs?
Silicon Valley is not on trial in the Elizabeth Holmes case. Classic fraud is
The timing of events suggests a different motivation. The start of the new era of intervention coincides with Ant Group co-founder Jack Ma’s outspoken critique last year of the country’s dated financial regulatory system, and the government’s immediate decision to withdraw Ant’s IPO. Ma’s business lost billions in value. The lesson has been made clear: Even China’s highly visible tech champions are not beyond the government’s reach.

Of course, China’s high-tech entrepreneurs have long been aware of the delicate balance they had to strike to scale in their specific niche. Most of those who succeeded so far did so thanks to close business-government relations and active support of government priorities.

Yet, as the technology gap with the West narrows, China’s desire for self-reliance rises, and once-servile entrepreneurs have become increasingly outspoken in their critique of China’s economic system. The government’s grip is tightening to bring those back into the fold who could pose a threat to the Communist Party. Some of China’s once-celebrated entrepreneurs have stepped down, such as Colin Huang, former CEO of the e-commerce platform Pinduoduo, and Zhang Yimin, founder of ByteDance. Ma, once an outspoken commentator and critic of current affairs, avoided public statements for months. For those tech entrepreneurs who wish to continue operating in China, they’ll have to pursue even closer business-government alliances — especially those who own and administer resources the government deems valuable for its own survival.


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