India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
There is not a single case of China pressuring countries to take unsustainable loans; nor does China use national assets as collateral. In fact, China’s loan conditions are typically far less onerous than those of the West.
Foxconn’s case is extraordinary because it is an extreme case in which the contradiction between capital accumulation and people’s social reproduction has led to a massive crisis. It is also ordinary because such a contradiction, is a built-in feature of our current global capitalist system
It would be so tempting to qualify Chinese President Xi Jinping landing in Riyadh a week ago, welcomed with royal pomp and circumstance, as Xi of Arabia proclaiming the dawn of the petroyuan era. But it’s more complicated than that.
A catastrophe of incalculable proportions is being consciously unleashed on the people of China by the leadership of the Chinese Communist Party (CCP), which has completely lifted its Zero-COVID policy.
Challenging the western monetary system, the Eurasia Economic Union is leading the Global South toward a new common payment system to bypass the US Dollar.
In late October, rumours about mass infections of COVID-19 led to workers at the Foxconn factory in Zhengzhou jumping over factory walls to escape and head home. Eli Friedman talks about the history of Foxconn’s treatment of workers in China, and says that the exodus is a form of collective action in the absence of independent unions.
The message from the recent Congress of the Communist Party of China is continuation of ongoing restructuring of the economy toward capitalism, albeit on Chinese terms and keeping the “commanding heights” of the economy in state hands.
One of the main themes of the congress this year was “rejuvenation” of the country through “a Chinese path to modernization.” In his report to the congress, Xi Jinping, the CPC’s general secretary, sketched out the way forward to build China “into a modern socialist country.”
Trying to simply recreate a green equivalent of our present world, vehicle by vehicle, could prove but another formula for disaster.
We don’t know if China will succeed in overcoming its immense ecological contradictions. But rather than worrying about China’s struggle to create an ecological civilization, I worry with it, and with the struggles of the Chinese people as a whole.
Janata Weekly is India’s oldest independent socialist weekly.
Ever since its founding in 1946, Janata has voiced its principled dissent against all conduct and practice that is detrimental to the cherished values of nationalism, democracy, secularism and socialism, while upholding the integrity and the ethical norms of healthy journalism. For more than seventy years now, week after week, it has continued to analyse the changes taking place in the country and the world from a socialist standpoint, and thus promote the spread of socialist ideology in the country.
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