Keyu Jin

Deng Xiaoping... once remarked that it does not matter whether a cat is black or white, so long as it catches mice. He... put an end to the... debate about the superiority of socialism and capitalism...

The [West's] market economy... consumers and enterprises connected through a financial system... the state plays a minor role.

[C]apitalism’s... virtue... property rights protection and competition... are... weak in socialist systems...

[T]hat a could be compatible... with capitalism... [and] socialism was a breakthrough...

China has strong state capacity and weak institutions... advanced countries... have strong formal institutions but state capacity is... eroding.

[I]ts model... embodies a... blend of the state and... market economy, striking a balance between state and industry, coordination and market incentives, communalism and individualism.