The Chinese leadership aims to create a new mechanism that would open up more of the economy to the private sector and lessen state interventionism, according to a May 18 report by the Communist Party-run Xinhua News Agency.
The Chinese government on Oct. 18 released its third-quarter GDP growth statistics, claiming that the economy had grown by 6.0 percent, 0.1 percent lower than expected by a Reuters analysis.
The Chinese private sector, having grown extensively in the last several decades, is now on the verge of collapse as China’s communist authorities squeeze companies for profits, and as Beijing maintains an unyielding stance in the Sino-U.S. trade war.
The decade-long Cultural Revolution (1966-1976) was one of the Chinese communist dictator Mao Zedong’s largest political campaigns. Mao mobilized throngs of youth into the fanatical Red Guards, terrorizing or killing millions of people while destroying China’s traditional culture and heritage.