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This paper will briefly explore the trajectory of Chinese development from 1948 to the presenL It will argue that the Madisı period laid the basis for industrial development under an essentially imporı substitution industrialization pattem of development and essentially state-led capiıalisı accumulation, while liberalization and the opening to world markets, beginning with Deng Xiaoping in the 1970s, has culminated in the consolidation of a neoliberal pattem of capitalist accumulation today. China has undergone two profound transformations since 1948. In spite of the setbacks during the "Great Leap Forward" and the lost development opportunities during the Cultural Revoluıion, the Maoist period mobilized the resources of the country for rapid development. Chinese development is part and pareel of the neoliberal capitalist development all across the developing world. China, since the Revolutian in 1948, has emerged from a country engaged in primitive "socialist" accumulation under Mao to accumulation under the current global wave of neoliberalism orchestrated by the IMF and World Bank.

CHINA AS A CAPITALIST STATE: FROM PRIMITIVE SOCIALIST ACCUMULATION TO NEOLIBERAL CAPITALISM