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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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Entrepreneurship Was a Key to China's BoomPeriod: Rebirth (1990s)
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Click to expand Many of my friends, 20 years ago, were very ordinary officials working for the government, or just workers, or even just farmers. But, now, they [have] become the richest people in China. So, why can we see all these ordinary people getting rich very quickly? Sometimes, this also puzzles me. But, sometimes, we can see clearly, because, in China, to be rich is the only way you can achieve social status. Many people ask me how China has achieved its economic record of the past 30 years. I think the single [most] important reason is that the door open and reformation policy has given the opportunity for entrepreneurship. Any person, no matter what kind of job they had before, can start their own business. In China, the only way you can have your maximum development is business area. I think, today, when we look at the Chinese model and it basically is very successful business development. Because, for that reason, in this area, it's like achieving the limitation, the level, that is much farther beyond the other countries, even those that started at the same time. Because, in that country, you have many other way to develop yourself. But, here, the only way you can do it [is through entrepreneurship]. In that sense, I would say China's boom is single-dimensional.
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