Caixin’s 15th anniversary features pivotal interviews with key Chinese figures, including economist Wu Jinglian. Wu highlights the necessity of comprehensive reforms for a balanced market economy, reflecting on Deng Xiaoping’s significant influence. Set against a backdrop of economic slowdown post-2008, he warns against overregulation as a solution to corruption and emphasizes that crises can drive consensus for needed reforms.
In celebration of Caixin’s 15th anniversary, a collection of enlightening interviews with key figures in China, including esteemed economist Wu Jinglian, has been reissued. These conversations explore critical issues affecting the nation, from climate change to the evolving dynamics of the China-U.S. tech rivalry. Wu’s reflections, particularly during a 2014 interview marking Deng Xiaoping’s 110th birthday, underscored the vital reforms that have shaped China’s economic landscape and emphasized the interconnectedness of systemic changes needed for a robust market economy. Wu champions the idea of “holistic reform,” suggesting that various economic elements must evolve together to sustain growth. His concept of the Three-Linkage Supporting Reform, introduced in 1985, advocates for cohesive advances in enterprise management, market dynamics, and macroeconomic stability. This comprehensive approach has influenced many scholars, who later emerged as central figures in China’s financial system, promoting essential reforms that aimed at establishing a unified national market. The interview transpired amid a climate of economic deceleration in China, following the 2008 financial turmoil. Wu hailed the ambitious reforms proposed during the Third Plenary Session of the 18th Central Committee in 2013, linking them back to Deng’s foresight with the poignant reminder: “If we don’t change, we are at a dead end.” While Wu applauded Deng’s earlier contributions to reform, he pointed out the necessity of strong leadership to navigate inevitable challenges in this ongoing transformation. Addressing public sentiment on reforms, Wu recognized a prevailing skepticism towards expansive reforms, warning against the counterproductive notion that increased governmental control could eradicate corruption—a symptom of overregulation rather than the absence of it. A decade later, despite China’s impressive growth trajectory, leadership has reiterated its commitment to pursuing these reforms, now more complex and critical than ever. The history of reforms, dating back to the post-Cultural Revolution era, reveals a tumultuous path from Soviet-style socialism to a socialist market economy, fraught with differing perspectives on the pace of change. Significant setbacks in the early 1990s offered critics a platform to question market approaches. Yet, Deng’s revival of reforms and a thorough agenda set forth in 1992 aimed to re-establish a market economy framework. Wu’s insights into the slow progress of State-Owned Enterprise (SOE) reforms since the early 2000s illustrate the multifaceted challenges that persist in translating aspirations into reality. He notes that crises often catalyze reform, pushing stakeholders toward consensus on the urgency of change. The evolving ideological landscape and persistent corruption issues hint at a decrease in reform speed, underscoring the essential balance between government intervention and market forces in shaping China’s future direction.
This article reflects on the ongoing dialogues among influential economists and policymakers concerning China’s economic reforms. Since its inception, Caixin has highlighted the importance of these discussions, particularly in the context of notable anniversaries like that of Deng Xiaoping, whose leadership forged China’s modern market economy. The interviews serve as a lens through which readers can understand the complexities and necessities of reform amidst contemporary global challenges.
In reflection, Wu Jinglian’s 2014 interview provides profound insights into the relationship between reform and economic growth in China. His ideas on holistic reforms highlight the complexity and interdependence of economic systems. Wu’s warnings about public perception and government influence underscore the persistent challenges that reforms face even in an era of substantial economic development, reminding us that reform is an ongoing journey rather than a destination.
Original Source: www.caixinglobal.com
