How can China be socialist if it has a stock market? Understanding the Chinese economy

China describes its system as a "socialist market economy". How does that work? What is the role of its stock exchanges? Ben Norton explains Socialism with Chinese Characteristics. VIDEO: https://www.youtube.com/watch?v=M4__IBd_sGE Topics 0:00 Intro 1:11 Deng Xiaoping & China's "Reform & Opening Up" 4:06 Socialism with Chinese Characteristics 5:17 China's economic growth & poverty reduction 7:42 How state-owned enterprises (SOEs) run China's economy 10:09 Chen Yun & the "birdcage economy" 11:39 SOE share of China's GDP 13:37 China's largest companies are SOEs 14:53 Socialist market economy 16:02 "Grasp the large, let go of the small" 17:42 "Managed competition" in China 19:50 Billionaires in China 20:43 China's stock markets 27:17 (Clip) Western financial analyst says China rejected Washington Consensus 30:43 (Clip) Bloomberg complains "China doesn't care about the stock market" 32:10 Differences between US & Chinese economies 33:33 (Clip) Investor explains China's stock market is not priority for government 36:56 China's economic policy is made for workers, not investors 45:55 US financialized capitalism vs. Chinese socialism 46:33 US stock market is 60.5% of entire world 47:13 Richest 10% of Americans own 93% of stocks 47:52 Global oligarchs hold wealth in US stock market 48:31 China's pursuit of "common prosperity" 51:49 Outro