Word: deng
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...People's Republic. After 618 delegates had gathered behind closed doors for seven days during what was officially known as the Third Plenum of the Twelfth Central Committee, Chinese leaders released a 16,000-word resolution outlining a complex package of new economic reforms. The program consolidated Deng's five-year attempt to promote a free-market system in the countryside. More important, the new scheme extended those reforms to the long-stagnant cities, thereby promising the "invigoration" of notoriously sluggish industries and offering 200 million urban workers a chance to catch up with some...
...improvements were made necessary by the success of the reforms initiated during the Third Plenum of the Eleventh Central Committee, in 1978. At that meeting Deng effectively consolidated his power over China and set about rebuilding an economy laid waste by 20 years of Maoist experimentation. The new leader's major innovation was the "contract responsibility system" that permitted peasants, once they had turned over a relatively modest quota of their crops to the government, to sell the rest on the open market. The results have been stunning: record harvests in almost every crop since 1979, and agricultural output...
...Deng is determined to change all that. Just last week, the authoritative Economic Daily announced that the number of commodities subject to planned output targets would be slashed from 120 to 60 in the industrial economy, and from 29 to ten in the agricultural sector. Thus many more goods can now fluctuate according to the law of supply and demand. Until this month, state-owned factories were forced to hand over all their profits to the state. Now the plants simply pay a progressive tax on profits and then use the remainder for incentive and welfare schemes or direct reinvestment...
...hoping that a rise in demand will prompt an increase in supply, so that prices that rise sharply at first will eventually be brought down again. Nonetheless, many Chinese fear that their bureaucrats, however liberal-minded, lack the experience to handle the subtleties of the free-market system. Deng has warned his countrymen that for all the success of his agrarian reforms, "urban reforms need greater courage...
...Saturday's document categorically declared that "socialism does not mean pauperism, for it aims at the elimination of poverty." But many politically "conservative" Chinese, who still believe that penury is a virtue, may feel that the new brand of socialism sounds suspiciously like capitalism. In the highest echelons, Deng has been supported by Premier Zhao Ziyang and General Secretary Hu Yaobang, but has evidently run into some stiff resistance over the pace of his program from the three other members of the influential Politburo Standing Committee: President Li Xiannian, former Planning Czar Chen Yu and Marshal Ye Jianying...