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A migrant worker passes by The People’s Bank of China in Beijing on May 1, 2013. The People’s Bank released the “Financial Stability Law (Draft for Comments)” on April 6, 2022, saying that resolving financial risks is a “constant theme”. (Mark Ralston/AFP) Return to a Planned Economy Blasted by Critics at Home and Abroad
A Chinese agricultural economist’s claim that China ’s economy should be a “people’s economy” has triggered fierce criticism in China and overseas.
Wen Tiejun, a 71-year-old professor at China’s Renmin University, is better known as an expert in China’s agricultural and rural issues. In the 1980s and 1990s, Wen was engaged in rural policy research for the Chinese regime’s central government.
In a recent video clip, Wen said that all those economies that “safeguard sovereignty, develop independently, and possess a patriotic nature” are called “people’s economies.” He added that such an economy has four characteristics: independence, localization, comprehensiveness, and people orientation.
Wen’s claim came at a delicate time, just two weeks ahead of the Chinese Communist Party’s 20th national congress, an event that takes place once every five years, reshuffling the regime’s political leadership and plotting major policy decisions for the next five years.
Well-known Chinese economist Xiang Songzuo blasted Wen for “cheating people in the name of the people.” Chinese Communist Party leader Xi Jinping speaks at the opening session of the 19th Communist Party Congress in Beijing, on Oct. 18, 2017. (Kevin Frayer/Getty Images) Domestic Blasts
Xiang, also a professor at Renmin University, wrote in a Weibo post that Wen was talking “nonsense” and “off the top of his head.”
“Isn’t his so-called independence to close the borders and lock up the country, negating all foreign and joint venture enterprises? Isn’t his so-called localization to restrict [China’s economy] and [advocate] self-sufficiency? Isn’t his so-called comprehensiveness to build enterprises into […]
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