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Chinese journalist Li Gang said in an October 21, 2020 show on the Arabic-language CGTN Network (China) that the United States has been demonizing China's economic system of “state capitalism” in order to differentiate it from its own form of liberal capitalism. He argued, however, that since the 2008 economic crisis, the West has had its doubts regarding capitalism. He also argued that Western governments are not “innocent” when it comes to intervening in their countries' economies, and he gave the example of the U.S. ban on the Chinese tech company, Huawei.
Li Gang: "It should be noticed that the West, for the past few years, has been investing efforts in order to describe [the economic system of] China as 'state capitalism,' especially in the context of the trade war between China and the United States. In my opinion, there is no point in discussing the difference between the concepts of socialism and capitalism. However, I would like to quote the late Chinese leader Deng Xiaoping: 'It doesn't matter whether a cat is black or white, as long as it catches mice.'
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"The global economic crisis that broke out in the U.S. in 2008 led the West to doubt the methods of capitalism, and to fear the rising economies of China and Russia. But the West, because of its ideological bias, did not attribute the miracle of China's development to socialism. Moreover, it turned to politicizing the term 'state capitalism,' and attributing this label to China, in order to distinguish it from liberal capitalism, which the West claims to follow.
"In addition, the Chinese development model has been demonized and China was pictured as an enemy that poses a threat to the West. It is ridiculous that the term 'state capitalism' has become associated with expressions like 'tyranny,' 'corruption,' 'lack of transparency,' and 'state intervention in economy.' As a matter of fact, the history of capitalist countries like America, Britain, France, and Germany, does not lack examples of state intervention in the economy, especially with regard to capital accumulation and technological monopoly. Didn't President Trump take decisions to ban Huawei? Isn't this blatant state intervention in the economy?"
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