Within three years, Jiang launched into a grand experiment collectively with Deng and then-vice premier Zhu Rongji, which required Jiang to do what others had been unable or unwilling to do: Force the restructuring of inefficient state-owned enterprises in a variety of sectors. This resulted within the shedding of thousands and thousands of staff who had anticipated such jobs to be lifelong “iron rice bowls.”
From 1998 to 2002, about 34 million individuals had been fired as China privatised lots of of state-owned enterprises and shuttered hundreds extra.
This concerted effort proved an necessary and obligatory step towards making ready Chinese firms for extra direct market competitors and integration with the world financial system by the flip of the century.
ASCENDING ON THE WORLD STAGE AFTER DENG XIAOPING’S DEATH
Jiang’s actual affect started upon Deng’s dying in February 1997.
In July of that yr, he presided over the handover of Hong Kong to the mainland. He then proved an ready chief in the course of the macroeconomic storm of the Asian monetary disaster that started that very same month.
China shortly recovered and by 2001 had each acceded to the World Trade Organization and gained the bid to host the 2008 Summer Olympic Games. By 2002, China’s financial system had grown to signify greater than 4 per cent of the worldwide financial system.
Jiang sought to reinforce such economic dynamism via extra formal means, and revised the structure that very same yr to formally permit company elite and personal enterprise entrepreneurs into the Chinese Communist Party.
Commentary: Jiang Zemin propelled China’s economic rise but also massive inequality for his successors to deal with
Commentary: Jiang Zemin propelled China’s economic rise but also massive inequality for his successors to deal with
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Commentary: Jiang Zemin propelled China’s economic rise but also massive inequality for his successors to deal with