Because the Chinese state has fiat monetary sovereignty, it doesn’t function in the capitalist mode. It has no need to make a profit because it has infinite money[1]. It doesn’t need to extract surplus value from workers, and it doesn’t even need to break even. The logic of capitalism doesn’t apply.

Ultras fear the scroll.

[–] cqst@lemmy.blahaj.zone -3 points 2 days ago (1 children)

Because the Chinese state has fiat monetary sovereignty, it doesn’t function in the capitalist mode.

Yeah all nation states have this. Countries that don't call themselves socialist have state owned enterprise and turn a profit. Non-seqitur.

[–] davel@lemmy.ml 5 points 2 days ago

All states don’t have it, actually. None of the Eurozone states do, for instance, and the US didn’t until 1971.

You don’t seem to be engaging with the content I’ve posted, but here’s one by Gabriel Rockhill anyway: How The Left Should Analyze the Rise of a Multipolar World, China, Russia & BRICS