Word: deng
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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...
China's Communist Party turned 65 last week, but it was not an altogether happy birthday. The celebration came in the midst of a heated debate among party factions over the progress of the reforms launched under Paramount Leader Deng Xiaoping, 81, to introduce free enterprise into his nation's economy. In the Chinese press, the openness and variety of criticisms leveled at the party over the past two months have been breathtaking. "The only area that is effectively barred from discussion," said one Western diplomat, "is the party's right to rule...
...political backlash has been under way as well. Conservatives, many of them older party members in powerful jobs, resented their loss of control over ! the economy. They were not pleased when Deng forced their colleagues into retirement and replaced the retirees with young reformers. During last spring's annual National People's Congress, the opponents of reform made a determined stand. They persuaded the session to call for a period of "consolidation," during which no major economic reforms would be undertaken...
...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...