Neoliberalism ‘with Chinese Characteristics’

uni

fied rate; exports and foreign trade came to be managed by mechan-

isms of competition and assumption of responsibility for pro

fits or losses;

the ‘dual track’ pricing system was reduced in scope; the Shanghai

Pudong development zone was fully opened and the various regional

development zones were all put on track.

5

After an ageing Deng toured the southern region in 1992 to see for

Table 5.1. Measures of capital in

flows: foreign loans, foreign direct

investments, and contractual alliances, 1979–2002

Amount (US$100 million)

Percentage shares of 

total capital in

flows

Total

Foreign

loans

Actual

FDI

in

flows

Con-

tractual

alliances

Foreign

loans

Actual

FDI

in

flows

Con-

tractual

alliances

1979–1982 124.57 106.90

11.66

6.01

85.82

9.36

4.82

1983

19.81

10.65

6.36

2.80

53.76

32.10

14.13

1984

27.05

12.86

12.58

1.61

47.54

46.51

5.95

1985

46.45

26.88

16.61

2.96

57.87

35.76

6.37

1986

72.57

50.14

18.74

3.69

69.09

25.82

5.08

1987

84.52

58.05

23.14

3.33

68.68

27.38

3.94

1988

102.27

64.87

31.94

5.46

63.43

31.23

5.34

1989

100.59

62.86

33.92

3.81

62.49

33.72

3.79

1990

102.89

65.34

34.87

2.68

63.50

33.89

2.60

1991

115.55

68.88

43.66

3.01

59.61

37.78

2.60

1992

192.03

79.11

110.07

2.85

41.20

57.32

1.48

1993

389.60 111.89

275.15

2.56

28.72

70.62

0.66

1994

432.13

92.67

337.67

1.79

21.44

78.14

0.41

1995

481.33 103.27

375.21

2.85

21.46

77.95

0.59

1996

548.04 126.69

417.26

4.09

23.12

76.14

0.75

1997

587.51 120.21

452.57

14.73

20.46

77.03

2.51

1998

579.36 110.00

454.63

14.72

18.99

78.47

2.54

1999

526.6

102.12

403.19

15.18

19.4

76.6

2.88

2000

594.5

100

407.1

17.71

16.8

68.5

2.98

2001

496.8

––

468.8

18.4

––

94.4

3.7

2002

550.1

––

527.4

21.3

––

95.9

3.87

Source: Huang, ‘Is China Playing by the Rules?’.

124

Neoliberalism ‘with Chinese Characteristics’

Harvey, D. (2007). A brief history of neoliberalism. Oxford University Press, Incorporated.

Created from monash on 2022-03-12 01:12:16.

Copyright © 2007. Oxford University Press, Incorporated. All rights reserved.

himself what e

ffect the opening to the outside was having on eco-

nomic development, he pronounced himself fully satis

fied. ‘To get

rich is glorious’ he said, adding: ‘What does it matter if it is a

ginger cat or a black cat as long as it catches mice?’ The whole of

China was opened up, though still under the watchful eye of the

party, to market forces and foreign capital. A democracy of con-

sumption was encouraged in urban areas to forestall social unrest.

Market-based economic growth then accelerated in ways that

sometimes seemed to be beyond party control.

When Deng initiated the reform process in 1978, almost every-

thing of signi

ficance in China lay within the state sector. State-

owned enterprises (SOEs) dominated the leading sectors of the

economy. By most accounts these were reasonably pro

fitable. They

o

ffered not only security of employment to their workers but a

wide range of welfare and pension bene

fits (known as ‘the iron rice

bowl’ or the state’s guarantee of a livelihood). There were in add-

ition a variety of local state enterprises under provincial, city, or

local government control. The agrarian sector was organized

according to a commune system, and most accounts agree it was

lagging in productivity and badly in need of reform. Welfare

arrangements and social provision were internalized within each of

these sectors, though unevenly. Rural dwellers were the least priv-

ileged and were kept separate from urban populations by way of a

residency permit system which conferred many welfare bene

fits

and rights on the latter while denying them to the former. This

system also helped hold back any mass rural migration to the cities.

Each sector was integrated into a regionally organized state plan-

ning system in which output targets were assigned and inputs

allocated according to plan. State-owned banks largely existed as a

depository for savings and provided investment moneys outside of

the state budget.

The SOEs were long maintained as the stable centrepieces of

state control of the economy. The security and bene

fits they con-

ferred on their workers, though whittled away over time, kept a

social safety net under a signi

ficant sector of the population for

many years. A more open market economy was created around

them by dissolving the agricultural communes in favour of an

individualized ‘personal responsibility system’. Township and

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