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Line 458:
Line 458: − + − There is no [[private sector]] in China. While certain successful [[entrepreneur]]s are allowed to benefit and profit from their work or business, and even become extremely wealthy by Western standards, the state reserves the right to expropriate and take control of any person, business, or enterprise at any time. While foreign investment in recent decades has been attracted to China because of its large domestic market and cheap labor cost, foreigners are prohibited from owning more than 49% of any business and must have a 51% Chinese controlling partner who is subject to Chinese Communist law and expropriation of property rights.
→Economy
==Economy ==
==Economy ==
Under the CCP's model of ''Socialism with Chinese characteristics'', as in all socialist societies, there are no safeguards, guarantees, or protection of property rights. Hence, there is no [[private sector]] in China. While certain successful [[entrepreneur]]s are allowed to benefit and profit from their work or business, and even become extremely wealthy by Western standards, the state reserves the right to expropriate and take control of any person, business, or enterprise at any time. While foreign investment in recent decades has been attracted to China because of its large domestic market and cheap labor cost, foreigners are prohibited from owning more than 49% of any business and must have a 51% Chinese controlling partner who is subject to Chinese Communist law and expropriation of property rights.
During the Post-Maoist Reform era after 1978, China introduced a system known as capitalist management of socialism, which it operates under today. China is not a true market economy, as the key resources, such as land, is not privately owned; the so-called collective ownership is still de facto government ownership. Moreover, in the Communist Regime's Constitution, Mainland China is still officially a Communist country.
During the Post-Maoist Reform era after 1978, China introduced a system known as capitalist management of socialism, which it operates under today. China is not a true market economy, as the key resources, such as land, is not privately owned; the so-called collective ownership is still de facto government ownership. Moreover, in the Communist Regime's Constitution, Mainland China is still officially a Communist country.