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A digital display stock index is seen in Lujiazui, China, on March 9, 2026. (Getty Images)
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(Doug Armand/Getty Images)
When Deng Xiaoping launched China on the path to economic reform in the late 1970s, he vowed to build “socialism with Chinese characteristics.” More than three decades later, China’s efforts to modernize have yielded something very different from the working people’s paradise Deng envisioned: an incipient kleptocracy, characterized by endemic corruption, soaring income inequality, and growing social tensions.
On December 14, Hudson Institute hosted Minxin Pei for a discussion on his latest book, China’s Crony Capitalism: The Dynamics of Regime Decay. Noted experts Richard McGregor, Andrew Wedeman, and Evan Osnos joined Dr. Pei for a conversation on the unique aspects of China’s kleptocracy and its importance for understanding kleptocracy worldwide. The Kleptocracy Initiative’s Executive Director, Charles Davidson, moderated the event.
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