Word: nien
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Dates: during 1950-1959
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...major island estate, also heads his own investment and land-development combine. Others started up airlines, banks, insurance companies and scores of smaller businesses ("The poor Chinese," goes a Hawaiian gag, "is the one who washes his own Cadillac"). From the mainland, too, came fresh capital and nien with big ideas. Pink-cheeked Millionaire Industrialist Henry J. Kaiser jolted the Big Five by plunking down $18 million for an apartment-hotel resort called "Hawaiian Village," starting a $350 million "dream city" in Oahu's Kokohead area. Sheraton Hotels took over four splendid Waikiki Beach hotels, including the Royal Hawaiian...
Fortnight ago, at an "extraordinary meeting" in Shanghai, party secretaries from 37 major cities met with Vice Premier Li Hsien-nien to cope with a new crisis. Henceforth, the Vice Premier declared, city dwellers would start growing their own food on the "large tracts of land on the outskirts" of town. To outsiders, the announcement meant two things, one as grim as the other: 1) the start of the long postponed campaign to force the cities into the kind of anthill communes that now blight the countryside, and 2) tacit confirmation of the many reports that the people...
What Goes Up. Beneath this display of international arrogance and domestic boasts ran admissions that last year's vaunted gains had been barely enough to keep China on the economic rails. "Since the autumn of 1958," admitted Finance Minister Li Hsien-nien, "there has been tension . . . owing to short supply of some non-staple foods and manufactured daily necessities in the cities." One of the chief causes of these "temporary difficulties," conceded Li, was the upheaval created by "such a great social change as the people's commune movement...
...first clear confession was made by Vice Premier Li Hsien-nien, who reported that because of "a decline in revenue from the agricultural tax," Red China last year suffered its first budget deficit-about $750 million. Next came Vice Premier Po Ipo, with the bad news that the 1956 crop failure, not only the worst since the Reds took over but the "worst in decades" (TIME, May 13), had gummed up Mao's entire industrialization program...
...proclaimed necessity for keeping in touch with the people gave Communist Finance Minister Li Hsien-nien a beautiful opening last week. Government workers in the lower levels, he announced in what deserves to be preserved as a gem of Communist thinking, will soon have their wages cut so as to "enable them to live a life even closer to the masses...