“Socialism with Chinese
characteristics” is how the rulers of China describe their economic system. But
most economists say it isn’t so much socialist as state capitalist.
State capitalism is an economic system
in which government bureaucrats control and regulate state-owned corporations.
Some 85 percent of Chinese enterprises are state-owned. Although there are
private companies, they are also government-regulated.
It may still be weeks before his inauguration as the 16th president of the Philippines, but President-elect Rodrigo Duterte has already generated enough controversy to occupy the country for the rest of the year through (1) his declaration that he would pursue peace talks with the National Democratic Front of the Philippines (NDFP), and release all political prisoners as a confidence-building measure; (2) his subsequent meeting — described as “cordial” by observers — with NDFP emissaries; and (3) his alloting four Cabinet posts to individuals from, or nominated by, the Communist Party of the Philippines (CPP).
During the campaign for the presidency, Duterte also declared that he was a “socialist” and that if elected he would be the first “leftist” president of the Philippines. Days before election day, he also presided over the release of several policemen who had been captured by the New People’s Army (NPA), while later engaging in a friendly long-distance conversation with his former professor, CPP founding chair Jose Ma. Sison.