China: The world's most capitalistic country

Every time I hear the western media talk about China using the word "Communist China", I just feel laughable. Several most prominent Nobel-winning economists, including Milton Friedman, Robert Fogel and Gary Becker all described today's China as "the most capitalistic country in the world". I tell my students the same thing, they all look puzzled. Why?

Well, if you don't know what's happening, watch this video. (courtesy of James Fallows)

Also, you can also read my previous rebuttal on popular media's misconception about China.