| BUSINESSWEEK ONLINE : JUNE 14, 1999 ISSUE | ||||||||
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| INTERNATIONAL -- ASIAN COVER STORY
Zhu Rongji, Premier, China (int'l edition) HE IS STILL THE LEADING star of China, intent on pulling his vast country through wrenching reform. True, Premier Zhu Rongji has had his setbacks. To stave off a recession during Asia's financial crisis, the 70-year-old economic czar has put many of his sweeping reforms on hold. He also returned from the U.S. without a deal to grant China membership in the World Trade Organization, despite making major concessions to U.S. negotiators on opening China's economy. The WTO failure, combined with fallout from NATO's bombing of the Chinese embassy in Belgrade, has dealt a blow to Zhu's authority. But if China is to push ahead with reform, only Zhu has the vision and energy to pull it off. Even in this year of disappointments, Zhu can claim successes in the supremely difficult task of running China's economy. It's still growing around 8%. The People's Liberation Army is starting to divest its businesses. China's constitution now formally recognizes the right of private ownership. Beijing has avoided a dangerous currency devaluation. And despite the problems, no apparatchik has dared to openly challenge Beijing's overall commitment to free markets. Zhu may be embattled, but he still leads. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
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