Viewpoint by Michele Nobile*
This is the second of a four-part series. Click here for Part 1
ROME (IDN) – "Socialism with Chinese characteristics" is described by the regime in the following terms:
"A historic transformation from a highly centralised planned economy to a dynamic socialist market economy has been achieved in China. A basic economic system in which public ownership takes the lead and different economic ownerships grow side by side has come into being. The market plays an increasingly important role in allocating resources, and the system of macroeconomic regulation is improving. A social security system covering both urban and rural residents is taking shape, and culture, education, science and technology, health care, sports and other social programs are flourishing."