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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.

Privatization of Property

Period: Rebirth (1990s)

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  • China Roared Ahead After Deng's Southern Tour

    James McGregor

  • There Was No Morality After 1989

    Michael Anti

  • People Were Not Ashamed to Be Businesspeople

    Jack Ma

  • At First, Business Was For the Lower Classes

    Rose Luqiu

  • Privatization of Property

    James Miles

  • Zhu Rongji Was an Extraordinary Figure

    Charlene Barshefsky

  • State Owned Enterprise Reform Had to Be Done

    Yao Yang

  • From Enterprises to Companies

    Edward Tse

  • China Alone Performed Well

    Hu Shuli

  • China is Cut from a Different Cloth

    Stephen Roach

  • The Corporatization and Privatization of SOEs

    Cui Zhiyuan

  • Hong Kong IPOs

    Francis Leung

  • The Multinational Corporations Were China's Teachers

    Edward Tse

  • New Links, New Dilemmas

    Bi-khim Hsiao

  • The Entrepreneurial Experience

    Emmanuel Ojukwu

  • The People Need Freedom

    Frank Hawke

  • Deng Accepted That There Were Limits to His Expertise

    Barry Naughton

  • Changing China's Market Framework

    Hu Shuli

  • China's Opacity Protected it from Crisis

    John Bussey

  • Entrepreneurship Was a Key to China's Boom

    Victor Yuan

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James Miles

China Correspondent, The Economist

James Miles has been the China correspondent for The Economist, based in Beijing, since 2001. Before that, he held many positions with the BBC, including Beijing bureau chief for BBC News and Current Affairs, from 1988 to 1994, Hong Kong correspondent for BBC World Service, from 1995 to 1997, and senior Chinese affairs analyst for BBC News London from 1997 to 2000. Miles has also worked at the International Institute for Strategic Studies in London, where he was editor of its journal, Strategic Comments, and research fellow for Asia from 2000 to 2001. Miles has reported on everything from the 1989 democracy uprisings, for which he won the prestigious Sony Radio Reporter of the Year award, to the handover of Hong Kong, the SARS outbreak, and the Beijing Olympics.

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The last big leap which China had to make which was the privatization of urban property. And resulting from that was was everything we see today now in urban China: the boom and the intellectual boom that is going on with it, the social change and upheaval that is going on with it, a huge change in the mental attitudes of urban residents, a huge change in the balance of power between urban citizen s and the people ruling them. To the extent now that we have a China that has an enormous diversity of ideas, raging debates, as well as a vibrant economy, pretty well a capitalist one. There is one final step that has yet to be taken, and I think they are edging towards that – the privatization of rural land. The story is not yet over and there are ideological barriers to taking that final step, but I think the crucial one was taken in the late 1990s and we are now sort of moving into the end game of this.

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Cite this Source >>
“Privatization of Property | James Miles | Rebirth | The China Boom Project.”
The China Boom Project.
The Asia Society Center on US-China Relations.
1 June 2010.
Web.
11 May 2025.
<https://chinaboom.asiasociety.org/period/rebirth/0/140>.
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