Word: zhu
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...Congress, when it opens March 5 to rubber-stamp Wen's promotion to Premier, will complete a generational changing of the guard. The enigmatic Hu Jintao, already named last year to lead the Communist Party, is set to succeed Jiang Zemin as President. Meanwhile Wen, 60, will replace Zhu Rongji. He has some size-14 hobnailed boots to fill. The brilliant but overbearing Zhu, 74, brought China into the World Trade Organization and hacked away for a decade at the stultifying vestiges of the command economy. For the world's most prominent businessmen, including Microsoft CEO Steve Ballmer and former...
...succeeds Zhu?who championed his promotion to Premier and to the nine-member politburo Standing Committee?carrying a reputation as a buttoned-down technocrat who lacks not only his mentor's fiery bravado but also his business savvy. Even during his four-year stint as Vice Premier, Wen was rarely called upon to deal with foreigners or promote market economics. Some question whether he has the clear vision and political will to run China's contentious Cabinet while managing a trillion-dollar economy, overseeing the layoffs of millions of angry workers in state companies and forcing another round of market...
...accounts, Wen has traits that have come to define China's latest crop of leaders, including incoming President Hu: a mild demeanor, punctilious organizational skills and competence as an administrator. Those attributes have not always been enough. Zhu promoted Wen to Vice Premier in 1998 and tapped him to run the problem-plagued financial and agricultural sectors. Despite efforts to make the country's banks stop lending to money-losing state enterprises, bad loans continue to mount, jeopardizing the nation's financial system. Agriculture has also fared poorly under Wen, with farmers' incomes stagnating while China's economy grows...
...spent the bulk of his career as a bureaucrat at China's central bank, the People's Bank of China. His star rose there in 1994, a troubled time when inflation hit 24% and the economy was hobbled by a myriad of off-the-book loans between corporations. Zhu Rongji, then China's Vice Premier, was determined to untangle the mess. In meetings on the issue, "Shang impressed Zhu with his ability to cite numbers off the top of his head," recalls one of Shang's former bank colleagues. In addition, Shang is "likable and gives you a sense...
...Even Zhu Rongji looked pretty good by comparison. The outgoing Chinese Premier gave the opening address and sternly reminded accountants that their motto should be "make no false account." Besides presenting China as an unlikely model for pristine accountancy, the congress's chief priority was restoring the public's image of accountants as honest and boring. Unusually animated IFAC President Ren? Ricol took charge of the defense, exhorting fellow double-entry doyens to share "a passion for the quality of accounts and their audit; for taxation, for information systems, for management controls and systems." I liked Ricol, whose public speaking...