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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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Zhu Rongji Was an Extraordinary FigurePeriod: Rebirth (1990s) | Structural Transformation of the Economic Sphere
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Click to expand China was very lucky. And for me, there are two extraordinary figures. One was Deng Xiaoping, but the other was Zhu Rongji, who took China into the modern world in a way unthinkable ten years before he did it. Who had the sheer fortitude, the guts to press forward, to persuade within his own government, of that vision. It is that vision, unalloyed. Zhu Rongji did not have a vision as a political matter, he had a vision in a very different way, as a non-ideological, ultimately rational way. It is that kind of unalloyed vision, not politically directed, but directed in a manner best suited to the economic growth of the country, to the proper deployment of the nation’s resources, to the proper reform of entities that need to be reformed, to the use of wealth in a way to achieve initially rapid growth with job creation, and then spreading that growth in the country as best as possible. These things, in sort of hyper-form are still yet to come into being.
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