Marv tells us without foundation, "The key hallmark of modern capitalist society is private ownership of the financial industry." This criterion simply bakes in his view of China. Chinese capitalism has plenty of secondary characteristics that are different from U.S., British, Japanese, French, and German capitalism. (And these five have different secondary features.)
And so as usual, Marv distorts facts. He speaks of "...their commercial banks. The four largest in China - the Industrial and Commercial Bank of China, the Bank of China, the China Construction Bank, and the Agricultural Bank of China - are all-state owned." The state owns the great majority of the shares of these banks. Nonetheless, the banks list shares on stock exchanges: H-shares of CCB were listed on the Main Board of the Stock Exchange of Hong Kong Limited on 27 Oct. 2005. A-shares were listed on Shanghai Stock Exchange on 25 Sep. 2007. ( http://www.ccb.com/en/investor/normalinfo.html} Among the holders of the listed shares are Fidelity, Vanguard, and Schwab. (https://au.finance.yahoo.com/quote/0939.HK/holders). Naturally, these investors expect the bank to be operated so that it yields capital gains and dividends. Also, some of the big corruption cases have been top financial managers. All in all, it is telling that the state does not directly own "state-owned" corporations. Instead, with the turn from a socialist path to a capitalist road, Deng and the princelings took care to set up this structure of shares. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#29683): https://groups.io/g/marxmail/message/29683 Mute This Topic: https://groups.io/mt/105142448/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
