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Economy

Uncertain future for China's state capitalism

Even a triumphant Xi Jinping must eventually respect market forces

| China
A TV screen shows a live news broadcast of Chinese President Xi Jinping in Shanghai on Oct. 25.   © Reuters

Xi Jinping used China's 19th Party Congress to herald a new era. Xi not only cemented himself as the most powerful Chinese leader since Mao Zedong. He also used the occasion to effectively declare the triumph of Chinese state capitalism (or "socialism with Chinese characteristics for a new era" if you prefer).

Xi said China would keep reforming but emphasized it wouldn't be importing discredited foreign ideas. In fact, Xi now sees things going in the opposite direction. Though he supports the current open international economic system, China under Xi will also be more assertive and influential, in line with both its rising stature and the success of its development model.

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