Broadman recalls working with the Chinese leadership on restructuring state-owned enterprises and corporate governance reform in the early 1990s while he was at the World Bank.
FORBES: The Real Danger, and Opportunity, for Businesses in Egypt
Much work remains to be done, from the reform of state-owned enterprises (SOEs) to boosting social-security provisions.
Efforts to reform bankrupt state-owned enterprises are creating unemployment.
His appointment inspired hope that some of China's most stubborn problems, notably corruption and the reform of state-owned enterprises, were about to be tackled by someone with backbone enough to get results.
The conventional wisdom is that the economy must grow at least 8% to create enough jobs to ease the pain from Zhu's reform of state-owned enterprises, although World Bank country chief Yukon Huang says a 5% growth can avert social unrest.
Jiang dwelt on what is considered China's biggest economic challenge: how to reform, even privatize, failing state-owned enterprises (SOEs) without adding to social problems stemming from growing unemployment.
In 1994, China launched the "Golden Projects, " designed among other things to reform banking and financial sectors, and state-owned enterprises, and improve tax and customs enforcement.
In Beijing they call him Zhu Fengzi, Madman Zhu, as he crashes through the rickety communist superstructure in the name of reform, laying off millions of workers from state-owned enterprises, terrorizing corrupt officials, having smugglers shot.
Radical reform of social security is the next great liberal reform, easily as significant a change as the privatisation of state-owned enterprises also dismissed in its time as Utopian.
Instead, he spent the summer and fall slowly rebuilding the consensus behind the reform movement, patiently pushing the argument that China could not overhaul its inefficient state-owned enterprises without opening up further to international competition.
应用推荐