Cheers greeted China President Xi Jinping as he toured Beijing¡¯s Renmin University of China in April, telling students and teachers, ¡°We must continue to promote the modernization of Marxism.¡± Social science research, he said, should have ¡°Chinese characteristics¡± and contribute to ¡°China¡¯s independent knowledge system.¡±
It was a notable contrast to 11 years earlier, when Hu Jintao, Xi¡¯s predecessor, visited the same campus, ¡°listening carefully¡± to discussions on macroeconomics. That was in China¡¯s boom years. The economy was growing faster than 10% a year, and private entrepreneurs in sectors such as real estate and technology operated with more autonomy than ever. Corruption and pollution were rampant. Karl Marx wasn¡¯t mentioned.
Now, Xi was meeting with two ¡°political economists¡± ¡ª Liu Wei, the university¡¯s president, and Zhao Feng ¡ª who blend Marxism with elements of Western economics. The visit highlighted China¡¯s pivot to funding and supporting researchers who are suspicious of the power of private business, with some advocating barring private capital from entire sectors. The message was clear: In today¡¯s China, Marxism is back, and investors had better take note.
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