Word: ruralization
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...Huang has mined never-before-researched financial records on rural China to bolster his thesis that the major gains in overall income growth and entrepreneurial activity were made in the 1980s. Interestingly, this happened without massive infrastructure: at the time, China lagged behind India in terms of paved roads and railways...
...After the 1989 Tiananmen leadership purge, when Jiang Zemin and Li Peng took over from more liberal leaders, the reforms championed in the 1980s by a wave of largely rural entrepreneurs were stalled, and officials sought to reassert authority. In this "great reversal," Beijing's Xiushui Market, a thriving shopping area popular with tourists, was effectively expropriated by the city. The entrepreneurial founder of Kelon, China's most successful refrigerator maker, had his company seized in a backdoor takeover by local officials who then ran it into the ground. Land grabs by officials intent on real estate development soared. Rural...
...Ominously, Huang contends that productivity growth in China has collapsed. So, too, has personal-income growth. Meanwhile, the paucity of attention given to rural incomes, and the stripping away of educational and health-care services for the rural sector, suggest that the future China might not resemble South Korea, where the private sector has steadily grown in importance, but Latin America...
...China has been able to draw upon a huge reserve of rural labor. People have moved from rural China to a number of large industrial cities in the interior of the country, many of which now have populations in the millions. Factory complexes were built in these same areas. As long as demand for output moved up, the labor forces in these regions grew. China created its own middle class which made and consumed goods at record rates...
...Japan contract at 5% this year, China's economy is very likely to shrink faster. It will be faced with a sharp drop in what it makes and exports. More importantly, large numbers of Chinese are leaving the huge new industrial cities and going back to rural regions where they can at least find work growing their own food. What is more than a trickle now could become a flood. Those who have gone back to non-industrialized sections of the country will not be net consumers...