Technology

Maybe you should spend a bit of time to actually learn about modern China and then form an educated opinion on the subject. Modern China is a socialist state where the working class holds power, but capitalist relations have not yet been abolished. That's what socialism is, it's a transitional state between capitalism and communism.

90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes

Student debt in China is virtually non-existent. https://www.forbes.com/sites/jlim/2016/08/29/why-china-doesnt-have-a-student-debt-problem/

Chinese household savings hit another record high in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j

People in China enjoy high levels of social mobility https://www.nytimes.com/interactive/2018/11/18/world/asia/china-social-mobility.html

The typical Chinese adult is now richer than the typical European adult https://www.businessinsider.com/typical-chinese-adult-now-richer-than-europeans-wealth-report-finds-2022-9

Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it's the most populous country on the planet. https://www.youtube.com/watch?v=Cw8SvK0E5dI

The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf

From 1978 to 2000, the number of people in China living on under $1/day fell by 300 million, reversing a global trend of rising poverty that had lasted half a century (i.e. if China were excluded, the world’s total poverty population would have risen) https://www.semanticscholar.org/paper/China%E2%80%99s-Economic-Growth-and-Poverty-Reduction-Angang-Linlin/c883fc7496aa1b920b05dc2546b880f54b9c77a4

From 2010 to 2019 (the most recent period for which uninterrupted data is available), the income of the poorest 20% in China increased even as a share of total income. https://data.worldbank.org/indicator/SI.DST.FRST.20?end=2019&amp%3Blocations=CN&amp%3Bstart=2008

By the end of 2020, extreme poverty, defined as living on under a threshold of around $2 per day, had been eliminated in China. According to the World Bank, the Chinese government had spent $700 billion on poverty alleviation since 2014. https://www.nytimes.com/2020/12/31/world/asia/china-poverty-xi-jinping.html

Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million. With this, China has contributed close to three-quarters of the global reduction in the number of people living in extreme poverty. https://www.worldbank.org/en/news/press-release/2022/04/01/lifting-800-million-people-out-of-poverty-new-report-looks-at-lessons-from-china-s-experience

None of these things happen in capitalist states, and we can make a direct comparison with India which follows capitalist path of development. In fact, without China there practically would be no poverty reduction happening in the world.

If we take just one country, China, out of the global poverty equation, then even under the $1.90 poverty standard we find that the extreme poverty headcount is the exact same as it was in 1981.

https://www.currentaffairs.org/2019/07/5-myths-about-global-poverty

The $1.90/day (2011 PPP) line is not an adequate or in any way satisfactory level of consumption; it is explicitly an extreme measure. Some analysts suggest that around $7.40/day is the minimum necessary to achieve good nutrition and normal life expectancy, while others propose we use the US poverty line, which is $15.

https://www.cgdev.org/blog/12-things-we-can-agree-about-global-poverty

And finally, here are a few books you can read on the subject of China's development.

• https://1804books.com/products/chinas-great-road
• https://redletterspp.com/products/the-east-is-still-red
• https://socialistchina.org/2024/10/02/new-book-peoples-china-at-75-the-flag-stays-red/