The People's Republic of China developed from one of the world's poorest countries to one of its largest economies with a speed that has not been matched in history.[83]: 11 The government began economic reforms in 1978 under the leadership of Deng Xiaoping.[8][84] As a result, China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years.[85][86] Currently, many scholars consider the Chinese economic model as an example of authoritarian capitalism,[87][88] state capitalism[89] or party-state capitalism.[90][91]
Capitalism. Those evil capitalists!
Between 1981 and 2019, the percentage of the population living in extreme poverty decreased from 88.1% to 0.2%.[7] Its current account surplus increased by a factor of 53 between 1982 and 2021, from $5.67 billion to $317 billion.[123] During this time, China also became an industrial powerhouse, moving beyond initial successes in low-wage sectors like clothing and footwear to the increasingly sophisticated production of computers, pharmaceuticals, and automobiles. China's factories generated $3.7 trillion real manufacturing value added, more than the US, South Korea, Germany and the UK combined. China's manufacturing sector benefits from the world's largest domestic market, immense manufacturing scale, and highly developed manufacturing supply chains.[124]
And Capitalism.
Now go wig out about women rights to murder babies and trump the raycist. You've not made one mention of the political landscape in your own country where the PM resigned recently, and the Farmers are kicking you socialist overlords in the WEF in their teeth.