Word: deng
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Dates: during 1980-1989
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During the late 1970s the progressive leadership of Deng Xiaoping gave his nation's stagnating economy a much needed boost. Even foreign companies were being encouraged to invest in China, and the thought of a potential one billion customers was extremely alluring to outside ventures...
...opposite side of the South China Sea, Deng Xiaoping is pursuing his own second revolution in which ideological distinctions between capitalism and socialism take second place to results. As Deng has said, "It doesn't matter whether the cat is black or white, it is a good cat as long as it catches mice." Capitalism is rapidly spreading from China's farms to its cities. Like Lima, Peking swarms with private vendors offering everything from soft drinks to socks. The hawkers cluster in 600 free markets in Peking and 61,000 throughout China. In the northeastern city of Shenyang...
When GATT was formed in 1947, China was a member of the Geneva-based organization, but the country dropped out in 1950, after its Communist revolution. The move to return to the fold is part of Deng Xiaoping's bold campaign to decentralize the Chinese economy. Under his leadership, China has boosted its imports and exports from $29 billion worth in 1979 to $59 billion last year. In 1960, 70% of China's trade was with Soviet bloc countries, but now 80% of it is with the non-Communist world, especially the U.S. and such Asian neighbors as Japan...
Even in the Deng era, though, Chinese trade remains encumbered by protectionist regulations. All imports of machine tools, for example, must be approved by a special committee, which determines if the equipment could be manufactured in China. If it could, the import is not permitted. Tariffs can be equally tough: the levy on foreign autos is 230%. At the moment, China is strictly limiting imports because of concern about its trade deficit, which ballooned from $1.4 billion in 1984 to $13.7 billion last year. Moreover, Peking two weeks ago devalued its currency by 15.8% against the U.S. dollar. That could...
...Deng's allies have seized upon the 30th anniversary of Mao Tse-tung's infamous 1956 Hundred Flowers campaign to urge intellectuals to produce new ideas. Still, many Chinese are understandably leery of the Double Hundred campaign, as it is called. They have not forgotten how Mao first lured scholars into exposing their views--"Let a hundred flowers bloom, let a hundred schools of thought contend"--and then purged those who opposed his policies. One victim of the 1956 campaign was Writer Wang Meng, whom Mao purged as an "antisocialist" and sent into internal exile for 24 years. Deng...