Neoliberalism ‘with Chinese Characteristics’

the absence of clear systems of property rights. So serious had the

loss of arable land become that the central government had to put a

moratorium on conversions in 1998 until more rational land-use

planning could be implemented. But a lot of the damage had

already been done. Valuable land had been assembled, and devel-

opers (utilizing privileged relationships with the banks) had gone

to work, accumulating immense wealth in a few hands. Even on a

small scale, much more money was to be made in real-estate ven-

tures than in production.

54

 The fact that the $900,000 car was

purchased by someone who had made his money in real estate is

signi

ficant.

Speculation in asset values, often using credit granted on

favourable terms, has also played its part. This has been particu-

larly marked in urban real estate in and around the large cities such

as Beijing, Shanghai, Shenzhen, Dongguang, and the like. The

gains, which have been huge for certain brief periods of boom,

typically belong to the speculator, and the losses during the crashes

are largely borne by the banks. In all of these arenas, including that

hidden zone of corruption that is beyond measure, the appropri-

ation of assets, often by key party leaders or government o

fficials,

has transformed them from agents of state power to independent

and extremely wealthy businessmen well able to protect their new-

found wealth, if necessary by spiriting it out of the country via

Hong Kong.

A surging consumer culture has emerged in the main urban

centres, to which the increasing inequalities add their particular

features, such as gated and protected communities of high-income

housing (with names like Beverly Hills) for the rich, and spectacu-

lar privileged consumption zones, restaurants and nightclubs,

shopping malls, and theme parks in many cities. Postmodern cul-

ture has arrived in Shanghai, big time. All of the trappings of

Westernization are there to be found, including transformations in

social relations that have young women trading on their sexuality

and good looks at every turn and cultural institutions (ranging

from Miss World beauty pageants to blockbuster art exhibits)

forming at an astonishing rate to create exaggerated versions,

even to the point of parody, of New York, London, or Paris. What

is now called ‘the rice bowl of youth’ takes over as everyone

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