Socialism is a Mode of Production determined by having public property as primary. In China, large firms and key industries are firmly under public ownership and control, and they actually have a falling number of billionaires in the last couple years.
China is still Socialist.
What does it mean though? China’s gini coefficient is higher than Europe’s, and they have a growing number of billionaires.
Socialism is a Mode of Production determined by having public property as primary. In China, large firms and key industries are firmly under public ownership and control, and they actually have a falling number of billionaires in the last couple years.
https://redsails.org/china-has-billionaires/
In short, China has billionaires but they are devoid of political power 👍 🇨🇳