One can admire the Chinese revolution as one of the great setbacks to the imperialist and colonial undertakings of Europe, Japan, and the US. One can hail the extraordinary sacrifices and deep dedication of members of the Chinese Communist Party to both liberate the peoples of China from foreign domination and advance the people toward a better life.
U.S. and Chinese capitalism are heading to war over which power will dominate the exploitation of the world’s working people. But this antagonism does not prevent the capitalists of both countries cooperating to suck the blood of Chinese and U.S. workers.
Take the business of healthcare, for example. The American Chamber of Commerce in China brought a group of China’s health officials to the U.S. The purpose? To sell them on the profits to be made out of the Medicare Advantage ripoff.
Below are excerpts from a routine report in the Western business press on China's economy. The statistics come from the PRC government.
While many U.S. congresspersons, governors, and so on denounce “communist China,” the Western business press has no problem reporting plain facts just as it does for any other capitalist country.
Late in January, the Chinese government arranged for its state-owned companies to put as much as $282 billion into the falling stock market. The companies were told to buy via Hong Kong accounts.
The government is desperate to halt a big slide in the Shanghai Composite Index, which had fallen nearly to its March 2020 low point at the start of the COVID pandemic.
Why does a “socialist” economy have a stock market?