China’s Capitalist Revolution (Part 4 of 9)

When the first US businessmen arrive in China, they complained. It took years to gain approval to open manufacturing plants in China. Then the trickle of investors turned into a flood as foreigners scrambled to cash in on a cheap and willing workforce.

The new industrial zones were sealed behind fences from the rest of China. The economies in the industrial zones doubled every three years. Wages were higher than the rest of China and people came looking for work. Investments poured in.

Deng’s popularity was at an all time high. He says, “We have given the highest priority to modernization. Our economy has grown more vigorously than ever.”

However, high ranking Maoists fear a capitalist country with a Communist flag. In 1983, the hardliners start a campaign against spiritual pollution—code for Western ideas.

The hardliners attack journalists who write for the People’s Daily. Top editors are fired for being corrupted by Western values.  The hardliners now control the media.  If you don’t follow the party line, your future becomes grim.

Next, the hardliners pressured the banks to stop lending money to the industrial zones.  Deng has to force the banks to loan the money.

Return to China’s Capitalist Revolution Part 3 or go to Part 5

_________________________

Lloyd Lofthouse is theaward-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too.This is the love story Sir Robert Hart did not want the world to discover.

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One Response to China’s Capitalist Revolution (Part 4 of 9)

  1. This is really great news. Thank you for sharing it with us!

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