There's more to China's rise than state capitalism

China's economic miracle has been made possible not because of the visible hand of Beijing but by unshackling the country's innate entrepreneurial energy.

Our understanding of the Chinese economy is coloured by many conventional wisdoms --  one of the most enduring of which is state capitalism. There are many critics and commentators who believe that the state sector dominates the country’s economy and attribute China’s growth to the visible hand of Beijing.

This couldn’t be further from the truth. It's a view that gives too much credit to the ruling Communist Party. China’s economic miracle has been made possible by unshackling the country’s innate entrepreneurial energy.

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