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...past five years, Chinese Leader Deng Xiaoping has instituted sweeping economic reforms, moving away from rigid state controls and closer to the free-market system. Capitalism advanced a step further last week when the government announced that price controls in Peking would be lifted on more than 1,800 food items, effectively raising their costs by some 50%. The price reforms had already been introduced in 22 other cities and autonomous regions...

Author: /time Magazine | Title: Business Notes: China Peking's Prices Take Off | 5/20/1985 | See Source »

Chinese Leader Deng Xiaoping has long been pushing for a transfusion of younger blood into the ranks of his country's aging leadership. Now Peking appears to have taken a major step in the gradual switch to a new generation. The People's Daily reported last week that nearly 1,000 "young and dependable cadres" had been selected as reserve leaders at provincial and ministerial levels and more than 10,000 others had been chosen for lesser positions in prefectures, cities and other government departments...

Author: /time Magazine | Title: China: Deng's Fast Track | 5/13/1985 | See Source »

Wearing a gray Mao jacket, Premier Zhao Ziyang delivered the keynote address last week at the opening session in Peking of the National People's Congress, China's nominal parliament. His theme was "socialist economic construction," a euphemism for the wide-ranging reforms instituted by Paramount Leader Deng Xiaoping that have decentralized economic planning and decision making. Zhao spoke of "gratifying major successes" over the past year in industry, housing and agriculture. Then, in a surprising admission before the 2,712 delegates, he acknowledged that there were problems...

Author: /time Magazine | Title: China: Report Card on Reform | 4/8/1985 | See Source »

...Premier complained of rises in prices, wages and credit and decried "selfish departmentalism," meaning corruption and profiteering by local officials and managers, who have greater powers today than in the old days of Soviet-style central planning. Citing Deng's recent exhortation for "lofty ideals and moral integrity," Zhao announced a decision to reimpose some bureaucratic controls aimed at increasing government oversight of financial operations. The move was seen as an attempt to consolidate the reform program, rather than retreat from...

Author: /time Magazine | Title: China: Report Card on Reform | 4/8/1985 | See Source »

...product of their work." But Gorbachev also cautioned against letting the drive for greater material benefits disrupt "social justice," a signal that the Soviet Union, for all its economic difficulties, was not about to adopt the sort of incentive systems being introduced and practiced these days in Deng Xiaoping's China...

Author: /time Magazine | Title: Soviets: Ending an Era of Drift | 3/25/1985 | See Source »

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