China's state capitalism revival could challenge Western economic dominance.
State capitalism, a term used to describe current capitalist systems, has a long history dating back to the late 19th century. It has been a key concept in China's economic development, from the late Qing reformers to modern leaders like Deng Xiaoping. The use of state capitalism in China is not new, but its success in catching up with Western economies is a recent development that could challenge their dominance.