this post was submitted on 31 Aug 2025
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Yes, China has billionares. In fact, Roderic Day wrote an essay called China Has Billionaires, you should read it. Ultimately, what determines if a country is socialist or not is not if there are billionaires or not, and isn't about not having any private property at all or not. In the PRC, the large firms and key industries are publicly owned, and the small and medium firms are a mix of private, cooperative, and joint-stock ownership. The state has control over the capitalists, and the workers have control of the state. It's in the primary stage of socialism: