By Michael Kleen ~ Published June 12, 2012 at the Rock River Times
Recently, China’s new premier, Li Keqiang, signaled a major policy shift when he announced that his communist government will reduce state intervention in the marketplace and give competition among private businesses a larger role in the economy.
“The market is the creator of social wealth and the wellspring of self-sustaining economic development,” Li said. He argued that reducing government’s role in the economy would unleash his country’s creative energies after a period of slowing economic growth.
It is an encouraging sign that a new generation of Chinese leadership is embracing private enterprise and entrepreneurship as engines of economic growth and prosperity. According to the 2013 Index of Economic Freedom, government spending in China currently accounts for 23.6 percent of their Gross Domestic Product (GDP), as opposed to 41.7 percent in the United States.