From Tiananmen onwards
Constructing capitalism in the 1990s
in Communists constructing capitalism
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Chapter 4 focuses on the period 1990-1997. The politico-economic retrenchment following the social protest movement and events in Tiananmen Square that unfolded in June 1989 would lay the basis for economic revitalization, but along lines very different from a liberal free-market ideal. The chapter examines this legacy of neoconservative ascendancy in the aftermath of 1989, combined with Deng Xiaoping’s successful reassertion of economic growth and development as the foremost economic, political, and social priority. Together, these laid the basis for a path of reform that combined an effort to increase the commercial effectiveness and rationality of the financial system with the reconsolidation of centralized political authority, and an upgrading of the political and ideological cohesion of the most significant and critical sectors of the political economy at the time; the banks and the state-owned industrial firms. In doing so, the financial foundations were laid for two decades of stable, rapid, yet unsustainable growth.

Communists constructing capitalism

State, market, and the Party in China’s financial reform

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