Xi charts middle path for China between Maoist volatility and unbridled capitalism
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Xi's rule differs from Mao's despite some superficial similarities like the cult of personality surrounding Xi. Xi's policies are more stable and pro-Confucian unlike Mao's volatility.
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China's economic growth under previous leaders increased inequality. The party increasingly represented the rich rather than the poor.
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Xi aimed to curb extremes of capitalism to reduce inequality and conspicuous consumption. His "Common Prosperity" plan readjusts the excesses of previous pro-capitalist policies.
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Xi's policies echo post-WW2 European social democracy - capitalism with guardrails to prevent instability. Outcomes are uncertain given China's authoritarianism.
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China will likely settle into reasonable growth of 4-5% under Xi, with reduced but persistent inequality. Reports of China's economic demise are exaggerated.