Word: rongji
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Jiang's real focus, however, is not on these issues. It is on the domestic economy. He, Premier Zhu Rongji and the leadership around them are worried that without continued high growth, China might revert to the chaos he witnessed during the Cultural Revolution. "It's the economy, stupid!" could just as easily be Jiang's mantra as Clinton's. His prescription--which sometimes strikes me as too much of a contradiction in terms to work--is for a "socialist market economy," in which free markets and free ideas are encouraged until things get boisterous or too messy. Then central...
China's most daring highflyer, Premier Zhu Rongji, has come very close. He likes the altitude--it energizes him--and over the past five years he has seemed to defy gravity as he pushed his country's economic reforms further and faster than anyone thought possible. To his many admirers at home and overseas, he was the enlightened mandarin who single-handedly could break through the red tape and propel China's economy into the next century. Even Asia's debilitating economic crisis didn't seem to faze Zhu. In March he laid out a program for China to make...
...Rongji is a good man, honest, with good ideas," says a mid-level government official in Suzhou, a city 50 miles west of Shanghai. "But even he is too weak to take on all the problems in China." The official then details the extent of corruption, inefficient industry, nepotism and financial chaos that plague his city, a microcosm of the mess China is in. Top cadres routinely "steal" houses for their children, he says, while others divert business loans to their own accounts and then walk away from the repayments. "It goes right to the top. The local party secretary...
...weeks ago, Premier Zhu Rongji swore to former U.S. Trade Representative Carla Hills that there would be no devaluation "for at least two years." Hills was stunned. She says, "I told him that's very different from just saying, 'I'm not going to devalue.' I said I think investors would like to know that. And he said, 'Yes. You can say, Not within at least two years...
Fortunately, the leadership in Beijing understands that the problems lie with an inefficient state-owned industrial sector and a financial system overloaded with unrecoverable loans. The new Prime Minister, Zhu Rongji, has launched an intelligent series of programs that have begun reshaping the economy into one that could truly be a world player in a couple of decades...