In 2011, standing in front of the Royal Society (the British academy of sciences), Chinese Premier Wen Jiabao declared, "Tomorrow's China will be a country that fully achieves democracy, the rule of law, fairness, and justice. Without freedom, there is no real democracy. Without guarantee of economic and political rights, there is no real freedom." Eric Li's article in these pages, "The Life of the Party," pays no such lip service to democracy. Instead, Li, a Shanghai-based venture capitalist, declares that the debate over Chinese democratization is dead: the Chinese Communist Party (CCP) will not only stay in power; its success in the coming years will "consolidate the one-party model and, in the process, challenge the West's conventional wisdom about political development." Li might have called the race too soon.

Li cites high public approval of China's general direction as evidence that the Chinese prefer the political status quo. In a

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  • YASHENG HUANG is Professor of Political Economy and International Management at the MIT Sloan School of Management and the author of Capitalism With Chinese Characteristics: Entrepreneurship and the State.
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