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Are China’s Chickens Finally Coming Home To Roost?
By Harry G. Broadman (original source Forbes)
“No economy can have its cake and eat it too. The overarching objective of modern China’s economic reform program, which was launched in 1978 soon after the death of Mao Zedung and perhaps best encapsulated in Deng Xiaoping’s 1992 pronouncement of the concept of a “socialist market economy,” has been always fraught with inherent contradictions.
Indeed, as someone who has professionally focused on China’s economy since 1993, worked extensively in many regions of the country—some far, far off the beaten track—and been on the factory floor in more Chinese state-owned enterprises (SOEs) than have most Chinese (so I’ve been told by friends in Beijing), Deng’s notion always seemed to be a blatant contradiction in terms.”
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