China’s Communist Party ‘values loyalty to party over competency’: Hudson Institute fellow
Hudson Institute senior fellow Rebeccah Heinrichs talks about how China’s Communist government may have been the reason the initial outbreak of coronavirus went underreported.
China is the greatest economic rival to the U.S. — and China's economy has grown more and more similar to the U.S. system as the developing nation turned into a global power player.
Continue Reading Below
China's political leaders still retain power over the country's economic system, but it has transformed from centrally planned to consumer-driven since the 1970s.
CHINESE INDUSTRIES HURT BY CORONAVIRUS GET PROMISE OF AID FROM XI JINPING
"The consumption of people in day-to-day interactions drives a lot of China’s economic growth," Heritage Foundation policy analyst Riley Walters, who focuses on Asian economies and tech, told FOX Business. "That doesn't happen without capitalism."
"There’s still a large section of the economy and industry that has this state factor," Walters said. "At the end of the day, if politicians in Beijing or provincial governments ever want to influence the local economy or national economy, they certainly have the power to do that."
CORONAVIRUS CAUSING SPIKE IN CHINESE VIDEO GAME USE
China's GDP lags behind the U.S.', roughly $14 trillion compared to roughly $22 trillion, according to 2019 International Monetary Fund data. Japan takes a distant third with a GDP of roughly $5 trillion.