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Rebirth
The Tiananmen debacle resulted in a brief spell of conservatism, but within a few years, Deng Xiaoping choreographed the rebirth of reform and openness with his historic “southern tour.” With Deng’s assurance that “to get rich is glorious,” entrepreneurial energy exploded again, concentrated now in the coastal cities. The leadership, guided by economic czar Zhu Rongji, enacted a far-reaching structural transformation of the economic sphere, anchored in privatization of state-owned enterprises. Ironically, China’s lack of full reform—especially in the financial sector and monetary policy—protected the Chinese economy from the vicissitudes of hot money and capital flight that ravaged its neighbors during the East Asian financial crisis. |
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The Gulf War Opened China's EyesPeriod: Rebirth (1990s)
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Click to expand The hard truth is, as Deng Xiapping said, if you don't develop you have no future. Then of course I think, one more point, in 1991 the Gulf War might have also given some impetus to the top leaders and mind you. At that time of course Deng Xiaopeng I believe was still not just alive but also very sharp. Basically I think that there's a phenomenon, if I may be allowed to express it in a formula fashion: no technology, no defense. The hundred-hour war, the Gulf War, I think it told the world, it woke up the world, wow, technology is modern warfare no. To be sure historically warfare has always been technology, but I think the war gave mankind a wake-up call, that high-tech is the only way to go in warfare today. And so 'no technology-no defense'. But how do you get technology? You need money. How do you get money? You need business. You need economics, you need economy to be strong. How do you get economy to be strong? History shows that the only way is an open system, an open economic system.
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