Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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In retrospect, comparing China's trajectory to that of Russia in the years since, it is hard to argue that a different course of action at that time would have resulted in a better outcome for the Chinese population as a whole. Reforms of the size and scope that China was pursuing had created significant internal conflicts both within the CCP leadership and across wider society. Deng's historic Southern Tour (南巡) in 1992 signalled his continued commitment to economic reforms. This was critical in overcoming internal opposition within the CCP and broader society to continuing reforms. George H.W. Bush took the decision not to leave China ostracised and out in the cold and, with the skilled stewardship of Zhu Rongji (朱镕基) – first as vice premier, then as premier – huge leaps forward were made in China's economic transformation. These included the introduction of market-based pricing mechanisms, monetary reforms to rein in runaway inflation, and privatisation of some of the sprawling state-owned enterprises (SOEs). He also successfully negotiated China's entry into the WTO, spurring a surge in foreign investment and exports.