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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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As Long as There's a Market, the Government Will Support YouPeriod: Rebirth (1990s) | Structural Transformation of the Economic Sphere
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Click to expand After China's Reform and Opening, Chinese individual’s income has risen very fast. Overall, the price of goods in China is pretty stable. It doesn't rise and fall greatly. The government's control of inflation is also pretty good. So I think the Chinese people have confidence. They're willing to buy this type of luxury magazine. People are willing to try new products and good products from abroad. They're willing to read the magazine for information on goods and they're becoming consumers. This all has to do with income. But it also has to do with people's values. Thirty years ago, China did not have the perspective of Reform and Opening. Self-dependence was what was emphasized. Chinese people were conservative. They did not see the world or other countries’ development. China's media opened up with China's Reform and Opening. Like our fashion magazine, we started in 1993. At that time, China didn't have a fashion magazine. A lot of courage was needed to start this. At the time, most magazines sold for ¥1. Ours sold at ¥10. It was unbelievable to a lot of people. But the government supported this kind of experimentation. Many people bought the magazine, and many people were introduced to luxury goods, although there weren't many available then. But slowly these luxury goods increased. The market for those products in China now is huge. So I think because of the Reform and Opening, people can now purchase these types of magazines and can buy these luxury goods from abroad. This is all related to politics. If I look back to the period before the Reform and Opening, there wouldn’t be this type of magazine available. We could only see newspapers that were operated by the government, daily and nightly newspapers. So I appreciate the support of the government to let media become more market oriented. As long as there is market demand, the government will support us. So for professionals like us in the media industry, we have benefited. Without this type of support, it wouldn’t be possible for advertisers to advertise in our magazine and it also wouldn’t be possible for readers to read a ¥20 magazine. Right? So I think this is connected to China's macroeconomics. The government encourages consumption, and that remains unchanged. So from this point of view, the economic boom is related to politics. And the media boom is related to the economic boom.
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