Word: wanyuanhu
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Many of the bureaucrats who run state-owned industries have been slow or reluctant to adjust to the new economic climate. As a result, almost a year after the introduction of the urban reforms, China's success stories remain largely rural: almost all the rich wanyuanhu (literally "10,000-yuan households"--roughly $3,510) are in the countryside, as are nine out of ten private enterprises. "Yet without the urban reforms," says a Western diplomat, "the rest of Deng's program will eventually fail...
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