this post was submitted on 05 Oct 2024
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TBH... It was due to free market reforms. Which in of itself is not capitalism though but normies can't tell the difference.
They weren't "free"-market reforms. A good, 21 minute read is the article Socialism Developed China, Not Capitalism. The PRC brought back markets because they tried to achieve Communism through fiat, without letting markets adequately coalesce into monopolist syndicates ripe for socialization. The Dengist Reforms brought stability to growth and prevented recession, but the bulk of the economy is publicly owned and centrally planned.