Jeffrey Immelt Thinks China’s State Run Communism Works!

General Electric CEO and chairman of President Obama’s jobs council Jeffrey Immelt told Charlie Rose that China’s state run communism works pretty well. I guess he would think so, seeing that GE has been expanding in China.

CHARLIE ROSE: China is changing. It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?

JEFF IMMELT: It is good for China. To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works.

He expanded on that thought a bit in the video that can be found at the link. He thinks central planning is a good thing, as long as you know which plan to look at.