Complex sentence: Bourgeois liberalism is the "bete noire" of the current Marxist rulers of China who view it as both a political and cultural threat--in political terms as parliamentary democracy and in cultural terms as western popular culture.
Split into simpler sentences: Bourgeois liberalism is the "bete noire" of the Marxist rulers of China who view it as both a political and cultural threat. In political terms as parliamentary democracy and in cultural terms as western popular culture.