Word: rongji
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...Rongji's job description when he is appointed premier during China's annual legislative session, which begins Thursday, may sound like cruel and unusual punishment, but Zhu's résumé might just be equal to the challenge. Credited with everything from taming inflation in three years to being the driving force behind Shanghai's economic miracle, Zhu is widely admired in the West as a whip-cracking manager open to innovation, and as a man of his word...
Underlining that fact, one of the company's public relations videos highlights endorsements from Jiang, Vice Premier Zhu Rongji and Shanghai mayor Xu Kuangdi. SIHL's chairman, Cai Lai Xing, 55, an economist, helped prepare Shanghai's economic blueprint for the 21st century, and managing director Zhuo Fu Min, 45, was involved in reforming the city's state-owned enterprises. Zhuo nonetheless downplays political connections as the key to the company's success. Says he: "SIHL makes investments based purely on business...
...there is really no one in the top leadership who can seriously challenge him." Premier Li Peng is no longer considered a threat; he will soon be rotated out of his government job, though he will remain No. 2 in the party. Everyone expects his replacement to be Zhu Rongji, the Vice Premier and respected economic czar, who will be in charge of the shareholding scheme...
...powerful triumvirate beneath him could pose a strong challenge. The standard bearer of the liberal-reform faction, Zhu Rongji, 66, Deng's | economic czar, has watched his star soar as last year's GDP grew nearly 12%, to $509 billion. But despite admission by Marxist stalwarts that economic liberalization has saved China from the fate of the defunct Soviet bloc, the economy has become dangerously overheated. Zhu's tough measures to curb growth clearly stem from his sense of how directly his own power is tied to the nation's balance sheet. But in the process he has alienated military...
...problems. Earlier this year, when credit was easy and the economy was steaming ahead at a 17% annual clip, the state-owned conglomerate and its 270,000 employees could hardly keep pace with consumer demand. Profits soared. Then came the credit crunch orchestrated by economic czar Zhu Rongji, and Shougang felt the sting at once. Customers slashed their orders, and soon Shougang could not pay its bills. The company last month was forced to take out a $70 million loan from the government to keep operating...