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Capitalist relations of production have been established in China. In recent years, the neoliberal wing of the Chinese Communist Party has dominated the economic policy-making. However, economic realities have forced the Chinese leadership to rely upon state-sector investment to stabilize the economy and the privatization of state-owned enterprises has largely stalled since 2015. In the future, China is likely to face declining population and decelerating growth of per-capita real GDP. The Chinese economy may suffer from long-term negative growth after the mid-21st century. As private capitalist investment collapses, China may be forced to rely upon a larger state sector to stabilize the economy. A state capitalist development model may provide favorable conditions for China’s future transition to socialism.
