How does China's economic system work?
Specifically, how do individual citizens determine their jobs, and how does the government-owned businesses determine their wages? How does the communist government and the capitalist economy work together?
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The Communist Government says, "Do whatever it takes to get a business going and employ as many citizens as possible".
The Chinese Company says, "No Problem. I'll pay these workers $1/day and they'll make widgets for America."
Communism in Chinese terms only means control over the Government. Its not the same as Russian Communism in which the Government not only held the reigns of power, but it also attempted to socially engineer society into a belief that all people are equal. And everything will be done from wage and price controls to make sure that utopia exists. That was Russia.. China could careless if you make $1/day or a Million a day. Just don't request a vote on who sets the laws and you'll be fine.
When communism and capitalism come together, it means it's a socialistic country.
Individual citizens' jobs are determined by where thy live, they cannot freely migrate across the country.
Wages are determined by a mixture of the market and state (local).