Socialism is a Mode of Production determined by having public property as primary. In China, large firms and key industries are firmly under public ownership and control, and they actually have a falling number of billionaires in the last couple years.
China
Indonesia, Chile, West Germany, Congo, Iran, Bengal, Guatemala, Nicaragua…
China is still Socialist.
What does it mean though? China’s gini coefficient is higher than Europe’s, and they have a growing number of billionaires.
Socialism is a Mode of Production determined by having public property as primary. In China, large firms and key industries are firmly under public ownership and control, and they actually have a falling number of billionaires in the last couple years.
https://redsails.org/china-has-billionaires/
In short, China has billionaires but they are devoid of political power 👍 🇨🇳