A dynamic equilibrium

China’s political power has on the whole managed to keep its independence and neutrality during more than 30 years of reform and opening up, despite the rapid growth of its social and capital powers.

At the same time, China’s social power has inherited a tradition of egalitarianism, and Chinese society has almost always leaned toward restricting the power of capital. This balance among political, social and capital powers has enabled China to avert the kind of financial crisis and debt crisis that has played out in the U.S., turning the vast majority of Chinese people into the beneficiaries of the country’s rapid development. The relatively neutral and disinterested position of China’s political power - the CPC - is the key to understand why China’s reform has been successful. A stable equilibrium among these three powers underpins China’s present-day success.

The power of capital can create efficiency and wealth, but its profit-driven nature might lead to extreme wealth gaps or economic crises. While an active Chinese society has been exerting more influence on every aspect of the political and decision-making process, we should not lose sight of long-term goals.

Tactically, China can learn a lot from the West, but should stay clear of the American syndrome of overcapitalism or Greek syndrome of an excessive welfare state. Strategically, it is imperative for China to maintain its political stance as it has done in the past. (The author is dean of the China Institute of Fudan University) has firmly committed to furthering its advancement. Beijing has not only strongly supported free trade worldwide, but also advocated various forms of global governance. It is apparent that since 2012, when China convened the 18th National Congress of the Communist Party of China (CPC), the nation has undertaken a straightforward approach to an all-win type of new globalization, often taking a prominent leadership role, which shapes an everchanging global political landscape.

To begin with, China is a major beneficiary of globalization. At an earlier stage, when the People’s Republic of China was contained by the U. S. and its followers, China had few choice but to stay within the socialist camp, with fewer opportunities to engage with the entire world. Meanwhile, China’s ideology of anti-imperialism, anti- colonialism and anti-hegemony has more or less restrained its outreach to the Western world.

With the introduction of its opening up policy in the late 1970s, China encountered a real chance to embrace globalization. The late Chinese leader Deng Xiaoping’s visits to Japan in 1978 and to the U. S. in 1979 opened China’s door to these major industrial powers. Since then, China’s campaign to send students abroad and invite foreign investment and technology transfer has paid off well. Its effort to widely engage with the world has allowed it to access world markets. The combination of its human resources with foreign capital, technology, markets and management expertise made