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Monthly Review | Legacies of Definancialization and Defending Real Economy in China

China Daily, July 11, 2018. Sit Tsui is an associate professor of the Rural Reconstruction Institute at Southwest University in Chongqing, China. He Zhixiong is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China. Yan Xiaohui is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China. People’s Lives and Property Confronting the triple trap of the COVID-19 pandemic, economic downturn, and ecological crisis, the Chinese leadership has reiterated that “China puts the people’s interests first nothing is more precious than people’s lives.” This kind of people-centered governance philosophy is ostensibly meant to protect the lives and health of the people, while defending people’s property under the basic system of collective ownership. Since 1949, China has struggled to maintain its national sovereignty over land resources and the financial system throug

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