Word: deng
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...produce trucks, buses, machine tools, chemicals, textiles and munitions. It has ample supplies of high-grade coal, natural gas and iron ore, as well as rich red earth, which provides an abundance of vegetables and grain. Thus it is an ideal testing ground for the plans of Paramount Leader Deng Xiaoping, a Sichuan native son, who wants to streamline China's bureaucracy, increase economic incentives and put a new face on Chinese socialism...
...Deng Xiaoping, 81, looking fit and vigorous in a dark gray Mao suit, appeared in the east wing of Peking's Great Hall of the People to greet 60 U.S. business leaders and Time Inc. journalists traveling through Asia on a TlME-sponsored news tour. The group was led by Editor in Chief Henry Grunwald, Corporate Editor Ray Cave and Chief of Correspondents Richard Duncan. In the past seven years, Deng, who was once sent into internal exile as a "capitalist-roader," has introduced broad and dramatic economic reforms that have decentralized decision-making and placed more reliance on free...
...lasted for more than an hour, China's leader offered his thoughts on economic reform in his country and how it can be sustained, the new problem of corruption, Chinese relations with the Soviet Union and next month's Reagan-Gorbachev summit meeting in Geneva. As is his custom, Deng chain-smoked throughout the meeting. Speaking in his deep, heavily Sichuan-accented voice, he was by turns tough, charming and self-effacing. Excerpts from the session...
CHINA. Under Deng Xiaoping, China is rapidly transforming its economy by loosening centralized Communist control. State-owned businesses can now keep part of their profits and thus have an incentive to be more productive. Most important, China is opening its door to the Western consumer culture. Color television sets, washing machines and refrigerators are becoming commonplace in big cities...
...Chinese outlook, TIME's Pacific Board invited its first guest economist from the People's Republic: Huan Xiang, the director general of Peking's Center for International Studies. Huan reported that Deng's reforms have been a tonic for the Chinese economy, but its runaway 12% growth rate is a bit more than the country can handle. The quality of many manufactured goods is suffering, and inflation is a disturbing 8%. A flood of imports has created a record trade deficit of more than $4 billion this year. Said Huan: "We have been on a spree of building too much...