China increasingly faces a huge branding problem as it takes its place in the world economy. The nation’s private sector accounts for more than half its economic output; the value of its currency is now allowed to float in reaction to market forces; foreign investment is welcome; and last year China amended its constitution to read: “Legal private property is not to be encroached upon.”
The game is up, in other words. A Communist Party embracing private property makes about as much sense as the Catholic Church renouncing the Resurrection, but there you have it.
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