Capitalism with Chinese characteristics. Concepts and development in the third decade of the 21st century

Abstract

The article proposes three concepts for understanding China's current socio-economic situation: the omnipresence of its public sector; the process of globalization with Chinese characteristics, and the great power competition. The integration of these concepts attempts to overcome shortcomings to increasing descriptive literature on China, also in Latin America and the Caribbean (LAC). Two significant tendencies of the Chinese socio-economy are exemplified: the important Chinese technological upgrading for the case of its technological content in foreign trade, and the significant share of public firms in China's outbound foreign direct investment to LAC. The last section presents some of the implications of this analysis and future research veins.