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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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There Was No Morality After 1989Period: Rebirth (1990s)
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Click to expand The significance of 1989 is that economic development's moral barrier disappeared. There are two major benefits. On the one hand, you don't have to think about socialist ideology any more. When you look at the reform in 80s, there was a lot of struggle but, during the 90s, it was very smooth, a lot of things were done. So, there was no frame of ideology. On the other hand, the dark side, we no longer needed to worry about justice. You could do very dirty things. Such as xiagang, (lay-offs), you could break all of your contracts, your promises. You could do whatever you wanted. So, each coin has two sides. On the one side, it accelerated the absorption of all sorts of resources by interest groups which already possessed major social resources and these resources were turned into money. On the other hand, it destroyed the development of social justice that very well could have existed. This is an economic development without social moral or moral barriers. On the positive side, it's like a speeding car on the highway, the car has reached its highest speed. On the negative side, you don't know when it will suddenly halt.
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