The recent Chinese representation of a new model of social democracy is not the only answer to the American-led Democracy Conference. Within it contains key policy measures aimed at stabilizing the Chinese economy, adjusting its growth path towards global development and consolidating the Communist Party of China (CPC) in the country. China’s rise to power as a national and economic power under the one-party mandate has begun to present a major challenge to a free democracy based on individual rights, multi-party elections, and the rule of law. Immediately, it provides a response to American efforts to revive democracy under internal and external challenges and to compete with China economically.
The Chinese clearly see the Democracies Summit being attended by more than a hundred countries, as a demonstration of American (US) power. On December 4, five days before the summit, China released a White Paper called “China: A functioning democracy” stating that “its entire democratic process” involves people at all levels of decision-making. Interestingly, of course, the power of the “democratic” vision China does not deny, but seeks to interpret it in its own way.
The shift in US-China relations, from participation to competition, has given a sense of urgency to China’s efforts. Speaking on the occasion of the 100th anniversary of the establishment of the CPC on July 1 this year, Chinese President Xi Jinping called China a “complete democratic system” defending social justice, resolving “inequality and lack of development”. “It was a new and unique Chinese way to modern translation.”
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But a break with the US is not the key momentum for the CPC. Its roots lie in the Party’s own perceptions of the need for economic and political efforts to ensure the continuity of CPC governance. This was reflected in a changed statement on the “major conflict” facing China in the 19th Congress Congress in 2017. This was the first change in 36 years. This fragile Marxist-Leninist-Maoist formation provides an important guide to development since then. In the Marxist language, this opposition or the dynamic opposition forces, driving change in society. By identifying and resolving them, society moves forward, but if they are not addressed, the situation can lead to the collapse and rebellion.
In a report to the 19th Party Congress in October 2017, Xi declared that China now faces a “conflict between unequal and inadequate development and the growing human need for a better life.” In fact, there have been unfulfilled aspirations for better health among middle class people, better housing, the education of their children, a clean environment, and more. It was not just material needs, but those of “democracy, the rule of law, justice and justice, security and a better place.”
Violation of the law
This in itself has not been the driving force behind the last few years of changes in the banking sector, local government debt restructuring, crackdown on private corporate executives, cracking down on real estate scams, promoting data security and privacy protection. Much of this would be part of the ongoing reforms of the system, but it would certainly speed up the practice of excluding China from the global economy. Most people think it was the US, which since 2018 is aiming for China’s technological divide. Less well known is China’s own attempt to improve traditional technologies and keep imports. This was demonstrated in the 2000s by the way Beijing blocked China online and built its entire Internet site after what came to be called the “Great Firewall of China”. By mid-2020, China unveiled a “dual distribution” economic strategy to systematically reduce its dependence on overseas markets and technology. Emphasis will be on the “internal cycle” of production, distribution, and consumption for development. “External distribution” involving exports will be secondary. In this program, priority will be given to local demand and utilization — internal distribution — while external distribution and export will meet domestic demand.
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China has unveiled a "dual cycle" economic strategy to systematically reduce its dependence on overseas markets and technology.By 2021, we have seen a number of measures aimed at achieving these goals. On the other hand, the aim was to promote technological innovation and pressure Chinese firms on global price chains and increase domestic revenue to boost domestic demand. On the other hand, it has made an effort to reduce inequality to promote social stability. At the Central Economic Work conference in August 2021, Xi and his colleagues put forward the theme of “normal success” and the need to address major financial risks, so far, they have decided to double their debt and inequality issues. This involved a major decline in China’s highly successful high-tech sector, which the CPC seemed to be out of control.
The split began with Jack Ma’s Alibaba being fined US $ 2.8 billion in April 2021 for violating monopoly law by limiting competition in his online trading platform. In early November 2020, its partner company, Ant Group, had to cancel a major planned IPO set up by financial regulators in Shanghai and Hong Kong days before it was listed.
In May, it was the turn of the Meituan food giant who was fined $ 533 million for engaging in anti-competitive practices such as forcing retailers to sell only in their area. This comes with a series of measures to address the conditions under which the gig economy operates. In July, Chinese regulators tightened rules on Chinese companies listed on foreign stock markets. They said this was due to concerns about “data security, border data migration, and other confidential information management.” They said they were motivated to do so by law enforcement, fraud, internal trade and market fraud. Captured during the change of rules was the giant Didi, who had just made his first New York stock exchange. At the end of the year, the company announced that it would release it from the New York Stock Exchange.
At the Central Economic Work conference in August 2021, Xi and his colleagues put forward the theme of "normal success" and the need to address major financial risks, so far, they have decided to double their debt and inequality issues.Also Read: China’s Dominance in Maritime Shipping: A concern to the world?
In August, China passed a data protection law targeting private companies, abusing the data they collected. The new law requires app developers to provide options for users on how their information can be used, or not. It requires companies to obtain approval before processing sensitive data types such as biometrics, health, fitness, location, and financial data.
Another step in strengthening technology companies was the Chinese government, which owns a one-percent stake and board office in the other two major companies, ByteDance and Sina Weibo. The former is the owner of TikTok, although the state stake only includes other video market platforms and company information. Sina Weibo is one of the largest social media platforms in China that offers a service similar to Twitter. This year, authorities also began tightening rules for the purchase of apartments and houses to contain speculative purchases and illegal contracts. This is part of a wider demolition of the housing industry, but one that must be handled with care as it covers one-third of China’s economic activity and is currently plagued by a financial crisis that has brought the country’s top engineers like Evergrande. on its knees.
Another step in strengthening technology companies was the Chinese government, which owns a one-percent stake and board office in the other two major companies, ByteDance and Sina Weibo.Combined with all of this, there have been other initiatives — in profit-making private companies that have closed down and ended the multi-billion dollar business. Another set of curbs beat gambling activities in Macau. Authorities say they plan to regulate the sector to ensure it does not engage in money laundering and other illegal activities. Restrictions were also imposed on school children playing online video games.
Needless to say, the decline in control was widespread in China. Whether it is private education, video games, affordable housing, or low-income working conditions, decisions have made life easier for ordinary people and are popular.
However, many wonder if the CPC kills the gold goose or not. It wants private companies to form CPC committees, or for the state to buy shares in them and their directors and guidelines for promoting similar prosperity could undermine the culture that gave China its key technology companies like Alibaba, Tencent, ByteDance, and Meituan, all founded by individual entrepreneurs and funded. of business.
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But the plan is currently driven by China’s economic performance, which in Xi’s nine years in charge has grown from a fraction of the US size to 70 percent, and the gap continues to be small. Consumption has been an important basis for economic activity and this is what the Chinese hope will empower their dual-cycle economy based on domestic production, innovation, and high consumption by raising wage rates.
There is, of course, another way to look at these events. They are in the process of preparing for the 20th General Conference in 2022, when Xi Jinping will seek a third term as CPC General Secretary. Measures to reduce inequality, uphold moderate standards, criticize the rich, seek to create a stable environment and support the ANC. Many steps would be followed anyway, but the Party Congress and the American race provide a certain hectic context in which it occurs.