Hardly anyone favours open markets, level playing fields and free competition any more. It's interesting that Beijing at least says it does

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How refreshing it is in this era of the New Protectionist/Interventionist State to read a full-throated defence of the grand, old liberal ideas of open markets, free competition, private ownership and level playing fields.

True, it’s a little surprising that this defence comes from the Chinese Communist Party in the form of its 28-page statement responding to the World Trade Organization’s 173-page triennial review of China’s economic policies and practices. But in these days of worldwide cancellation of “Adam Smith Thought” you take whatever support is offered wherever by whomever. It’s good that at least one of the world’s major governments still seems to know the words to the great old hymns.

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State-owned enterprises, China’s statement says, “have been converted into independent business entities with the corporation as the main form … (and) engage in business activities in accordance with market-oriented and law-based principles.” China’s 53 million private enterprises account for more than 92 per cent of all its enterprises (though how much of GDP the document doesn’t say). The government of China has “adopted more market-oriented and indirect guiding means …” It is “breaking down local protection and administrative monopolies”........

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