Word: deng
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...among the first beneficiaries of the newest and potentially most sweeping economic reform launched so far by China's leader, Deng Xiaoping. Beginning this week, all state-owned enterprises will be allowed to hire some workers under contracts similar to Li's. The change represents a dramatic turning away from the system of lifetime employment that the Chinese have clung to since the Communists took power under Mao Tse-tung in 1949. Says Max Boisot, a Peking-based British economist: "This is probably the biggest step of all Deng's reforms. If it succeeds, a lot of others will fall...
...contracts are just one in a dizzying array of Deng's market-oriented economic reforms. In China's first bankruptcy auction last week, the government sold a factory in northeastern Liaoning province to a worker-owned unit of the Shenyang Gas Supply Co. The plant went out of business in August after Peking decided to stop propping up money-losing ventures. In another move, limited stock trading began in Shanghai in a test that could lead to the creation of China's first stock exchange since...
...those who did. China's Chou En-lai came in 1920, some 70 years after Karl Marx left Paris for London and eight years after a young Russian revolutionary named Vladimir Ilyich Lenin moved from Paris to Poland. While working at the Renault auto plant, Chou met a compatriot, Deng Xiaoping, China's present ruler, and together they founded a branch of the Chinese Communist youth organization. One of their contemporaries in Paris was Viet Nam's Ho Chi Minh...
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...