Posts tagged ‘Gang of Four’

14/12/2014

China Has a ‘New Normal’ Too – Businessweek

China’s Communist Party leaders are known for their turgid jargon, much of it dating back decades to when Mao Zedong still dominated dogma. But sometimes, apparently, they feel the need to borrow from less hoary, more capitalistic sources.

A technology and manufacturing facility in Shenzhen, China

That is what Xi Jinping has done with his “new normal” theory of the Chinese economy, now getting lots of play in the state media. The phrase, first popularized by Pacific Investment Management Co., or Pimco, the giant Newport Beach (Calif) bond fund manager, referred of course to the lackluster economic growth following the global financial crisis.

Earlier this year Xi used the then-already tired cliché while on a May inspection trip to Henan, the province southwest of the Chinese capital. Then it got a real airing during a speech he gave at the Asia-Pacific Economic Cooperation Forum last month. “A new normal of China’s economy has emerged with several notable features,” Xi said, speaking before more than 1,500 global business executives in Beijing, reported the Party-owned Global Times on Nov. 10.

“First, the economy has shifted gear from the previous high speed to a medium-to-high-speed growth. Second, the economic structure is constantly improved and upgraded. Third, the economy is increasingly driven by innovation instead of input and investment,” the paper wrote, paraphrasing Xi.

Translation: Yes, the economy will not grow at the hyper rates all of you had gotten used to—still, no need for alarm. We are making the transition to a healthier, more sustainable version, this one driven more by consumption, services, and, oh yes, innovation. “The ‘new normal’ theory elaborated by Chinese President Xi Jinping would be one of the hallmarks to be engraved in history,” the Global Times ambitiously predicted.

“We must understand the new normal, adjust to the new normal, and develop under the new normal—coming to terms with the new normal will be the ‘main logic’ for economic growth for some time,” the official Xinhua News Agency wrote today, in a report on the three-day, high-level Central Economic Work Conference that closed Thursday. “The new normal has not changed the strategic importance of a period that will see great achievements,” it promised.

via China Has a ‘New Normal’ Too – Businessweek.

14/03/2012

* Premier Wen says China needs political reform, warns of another Cultural Revolution if without

Extract from Xinhua: “Premier Wen Jiabao said Wednesday that China needs not only economic reform but also political structural reform, especially the reform of the leadership system of the Party and the government.

Wen warned at a press conference after the conclusion of the annual parliamentary session that historical tragedies like the Cultural Revolution may happen in China again should the country fail to push forward political reform to uproot problems occurring in the society. …

He noted although after the crackdown on the Gang of Four, the Party adopted resolutions on many historical matters, and decided to conduct reforms and opening-up, the mistake of the Cultural Revolution and feudalism have yet to be fully eliminated. …

As the economy continues to develop, Wen said, such problems as income disparity, lack of credibility and corruption, have occurred.

“I’m fully aware that to resolve these problems, we must press ahead with both economic structural reforms and political structural reforms , in particular reforms on the leadership system of the Party and the country,” he said. …”

via Wen says China needs political reform, warns of another Cultural Revolution if without – Xinhua | English.news.cn.

Over the past year or two Premier Wen has become very outspoken (for a senior Chinese politician) about issues normally not aired in public. For instance, the Cultural Revolution seldom features in speeches and if it does, it is not usually put in clearly negative terms.

In some ways this reminds me of the (in-)famous speech by Chairman Mao when he launched the ‘let the 100 flowers bloom‘ campaign in 1957. This was soon followed by the dreadful ‘anti-right’ campaign when too many intellectuals and party members took Mao’s ‘let 1000 thoughts contend’ exhortation at face value. 

But, this time, the whole circumstances and environment are very different. So, hopefully, the next step will not be another anti-right campaign, but genuine discourse and debate with a (relatively) open mind.

Related page: http://chindia-alert.org/prognosis/chinese-challenges/

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