It would be hard to spend even a day in Shanghai and believe that the system you're observing is "communism", even under the notoriously wide range of meanings people have assigned that term. Something like "state capitalism" is a decent description I think.

Although the rhetoric is completely different, today's China could be seen as a state that embodies many of the goals Mussolini had for Italy.

I think it's obvious he's talking about China as a country that has a capitalistic economic infrastructure with a communist social ideology & political structure.

Isn't the core part of communist social ideology that the government should constitute the political rule of the proletariat? I'm having trouble finding aspects of China's social policy that looks particularly communist. Their policy in the social realm is something like: try to minimize social upheavals, and keep huge and growing inequality from causing open rebellions. When useful, distract the population with nationalist red meat. All that seems like pretty normal fare for an authoritarian capitalist country.

Because of their embracing of the free market, it's often accepted that China is not a communist nation (despite being led by a communist party).

Actually, this situation is pretty much just capitalism at work. It really has nothing to do with communism; every free market is susceptible to this sort of failure.

It's anything but "capitalism at work" if "capitalism" has anything to with "free markets". The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors. Now it has moved to outright rigging of the market through selective bans and directives (no short selling, no selling if you hold >5%, no trading at all on certain stocks, and so on).

This current rout is simply a continuation of the previous one in July when similar curbs were placed to halt the plunge.

Once again, even if their tactics work they'll only help bring about yet another plunge.

All in all, the western demand is dying out since most countries are trying to in-source materials and goods (instead of importing from China) and domestic asset bubble has nowhere to pop and the lies invested in that bubble have nowhere to hide.

> The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors.

Oh, is that specific to China?

That was not my point. I am being critical of China for staunchly supporting Communism (and hence to some extent being anti-capitalism and anti-democracy) and at the same time reaping benefits from democracies and capitalist states. I guess HN didn't like my earlier comment, but I do believe that. China has several times castigated India (where I belong) for being a shoddy nation of scared people due to its democracy. I find it a double standard.

Ah, I understand now. Thank you for expanding — I agree with your criticism.

> A communist nation trying to reap benefits of capitalism

Thank god that US companies will never betray their nation's core values by shelling out to non-free countries in order to save production costs and circumvent labor laws.

As mentioned before, that's not the direction of my argument. I have explained more in my comment above

Knee-jerk reaction much? The parent poster is not even from the US, how exactly is that relevant?

Yes they should follow the US lead and bail out all their banks!

Actually, China goes way beyond that. Where the U.S tries to nudge things one way or the other indirectly (by changing interest rates and the like), China has total control over their economic & monetary system (including the banks). And they exert that control almost daily. It's one of the reasons why the Chinese Yuan will replace the dollar as the world's reserve currency.

I think the US and the UK interfere plenty. At least China isn't pretending they are against central control whilst pumping out "free market" rhetoric.

The US let Lehman fail which was about all they could stomach.

China has vaporized trillions already trying to bail out their banks, which are extremely over-leveraged on debt. China's entire banking system is under high duress right now due to the 'shadow banking' debt mess.