The million dollar bonus comes the the Shanghai Financial Sector. Partially, its an effort to retain and attract talent, but it’s also a sign of how sophisticated that the financial industry in Shanghai has become.

China has already minted several self-made billionaires, though (even not-so-well connected ones), so I would see this as a lagging indicator of the changes in that economy.

Can we still call them communists? I don’t think so, yet, they’re hardly strictly capitalist, either. Perhaps they are corporatist and even fascists, or maybe a new term news minting.