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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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Privatization of PropertyPeriod: Rebirth (1990s) | To Get Rich is Glorious
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Click to expand 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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