Word: freedoms
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Shenzhen has been China's boomtown since 1980, when Peking designated it a so-called Special Economic Zone. Though three other border cities in south China--Zhuhai, Shantou and Xiamen--also received unprecedented freedom to attract foreign money and technology, none have grown so dramatically as Shenzhen. Its population has swelled from 30,000 to about 380,000 since 1980. Shenzhen has signed more than 150 foreign-investment agreements, worth over $700 million. Some 400 businesses call Shenzhen home, with another 300 on the way. Wages average $79 a month, nearly double the rate in China's other cities...
...central government chose Jiang because it was deeply frustrated with Shanghai's sluggish response to Deng Xiaoping's economic dreams. Almost three years ago, at Deng's urging, the city was given extraordinary freedom to handle foreign trade and investment. No longer was prior approval from Peking necessary to launch export programs. The city could enter into joint ventures with foreign countries, raise international capital and invite bids for construction projects. If all went well, Shanghai, already responsible for one-sixth of China's foreign-exchange earnings and one-eighth of its industrial production, would emerge as a sort...
CITIC has the freedom to participate in a bewildering range of projects with foreign firms. It is currently developing packaged food products with Beatrice, the U.S. conglomerate, and selling helicopters for United Technologies through a CITIC subsidiary. Among other ventures, CITIC is financing textile mills, chemical plants and machinery production. It is also a major real estate developer. The firm's 29-story headquarters, which opened last summer, towers above the Peking skyline. The building, though, will no longer be the capital's tallest once work is completed on a 50-story apartment complex that CITIC is financing...
Unveiled in 1968, the New Economic Mechanism gradually gave factory managers limited freedom from the tyrannies of rigid central planning. Among other things, they could make more decisions about production quotas without the approval of state authorities. Small-scale entrepreneurs were al lowed to open everything from private bakeries to boutiques and restaurants. In the countryside, profit-oriented cooperatives sprang up alongside Soviet-style collective farms. Vendors were allowed to set the prices of vegetables, clothing and many consumer goods freely...
Many Hungarian technocrats feel that such problems can be cured, but only with greater economic freedom. Accordingly, additional reforms are being debated as part of Hungary's new Five-Year Plan, which begins in 1986. But no one is sure if additional changes will reverse the pattern. But under Moscow's watchful eye, Hungarian reformers are unlikely to move any faster. Says Marton Tardos, one of the country's most respected economic analysts: "If the government is bold, we can set the economy on the right track. But I am not sure it can or wants to be bold." Yugoslavia...