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By failing to complete its reformation, China has maintained an illusion of progress, Chang explains, but in reality has caused more problems than opportunities for would-be entrepreneurs and foreign investors. Because reform has not been fast enough or comprehensive enough, China is unable to benefit from its modernization or keep up technologically with much of the world. The government's reluctance to get rid of state-owned enterprises has not only rendered China uncompetitive just as it prepares to join the World Trade Organization, but is causing the banks--which were forced to lend money to SOEs--to fail alongside them. Widespread unemployment, corruption within the Communist party, millions of resentful peasants, and a general lack of leadership further threaten stability. The Communist party "knows how to suppress but it no longer has the power to lead," Chang writes, arguing that the party is maintaining control only through the use of brute force and the people's instinct for obedience--popular support that could deteriorate as soon as the economy plunges. Simultaneously, societal ills such as gambling, drugs, and prostitution have become huge problems.
Stuck between Communism and capitalism, "China is drifting, unwilling to go forward as fast as it must and unable to turn back." It is uncertain what will be in the way when the giant finally falls. --Shawn Carkonen
Copyright 2001 Cahners Business Information, Inc.
This book helps you to understand a little more how China works and the way they think. I found this book to be helpful, since I've never been there to see for myself.Published 21 days ago by BF
This book provides an interesting overview of China and helps to understand the political and economical situation of China. Read morePublished 1 month ago by Joao Cortez
This book gives amazing insight into the history, culture and current state of China, with very detailed info on the major players and events, which form a basis for projections... Read morePublished 4 months ago by Truett Austin
After this book published, China continue growing, especially on economic aspect. Have you ever read a a book about "collapsing of USA" wrote by a American, who only lived... Read morePublished 5 months ago by snowandrain
It has been 15 years since this book was published. China is now on the verge of surpassing the US as the largest economy in the world. Read morePublished 6 months ago by David Lai