A new analysis has pointed out that former Chinese leader Jiang Zemin created a fake economic takeoff, sowing the seeds of disaster for the economy.
After Jiang Zemin was pronounced dead, people weighed in on the legacies of the former general secretary of the Chinese Communist Party (CCP).
Some claim that during the Jiang era, the economy took off thanks to his reform and opening up.
But others said the so-called reform and opening up is just the CCP’s partial loosening of their shackles over the Chinese people because the economy can take off without the party’s control.
Jiang’s socialist market economy was actually riddled with corruption and abnormal development. The essence of inequality, predatory nature, and monopoly makes the economy difficult for sustainable development.
Chen Guangcheng, a Chinese rights defense lawyer, said that, in the first 30 years of controlling China, the CCP prevented the people from normal development, and the economy almost collapsed.
The reform and opening-up after 1979 actually was just the loosening of the CCP’s constraints over the people. They had enough food to eat, and the CCP took credit for itself.
After the Tiananmen Square massacre on June 4, 1989, the economy fell into trouble again, then-CCP leader Deng Xiaoping had to tour the south, and the Chinese economy began to recover instinctively.
Chen Guangcheng said that Chinese society would develop naturally as long as the CCP lifted its market controls and restrictions. It is unreasonable for a CCP leader to take credit for it.
The lawyer said that because the CCP slightly loosened the shackles on the people, the economy developed and made progress in the 90s. But during that period, the Asian giants Taiwan, South Korea, Singapore, and Hong Kong developed faster.
Chen said it would not be true to say Jiang Zemin’s leadership was good.
How fast did Japan develop after World War II? And China?
The case of North Korea and South Korea are also examples.
Jiang Zemin suppressed the leftist drift after the Tiananmen massacre.
According to Chen Kuide, executive director of the Princeton China Initiative, Jiang Zemin was opportunistic.
After the June 4th incident, Jiang was urgently put into power by Deng Xiaoping. Jiang once wanted to eliminate private entrepreneurs, but after Deng toured the south in 1992 and said that whoever did not reform would step down, Jiang quickly changed direction and followed Deng’s so-called market economy policy.
Chen said that Jiang Zemin had no fixed political principles or political beliefs, and his change was to protect himself.
Deng Xiaoping basically established the economic policy of the Jiang period in the 80s: opening up to foreign countries, especially the West and the U.S. China’s accession to the WTO during the Jiang era was also mainly the credit of Premier Zhu Rongji.
Wang He, a current affairs commentator, said that after Jiang Zemin came to power, he followed the leftist line.
Politically, Jiang vigorously engaged in anti-peaceful evolution. Economically, the new dictator carried out three years of governance and rectification, and the whole country was in a state of decline. At that time, he had a slogan: to bankrupt households with 10,000 yuan and private enterprises.
Jiang proposed the institutional and policy framework for China’s economy. The biggest issue of the so-called “China model” put forward by Jiang is ‘socialism.’
Wang He said “socialism” ensures that the next generation of officials and the class of vested interests can control the economy’s lifeline through various means. Jiang Zemin’s son and grandson were the first to make a fortune quietly.
Wang He said they realized their power and interests, plundered and embezzled in the economic field.
He said that the CCP elites had used the so-called public ownership, state ownership, ownership by the whole people, or state-owned enterprises, to make their fortune.
The economic rise during the Jiang era paid a heavy price: Corruption was rampant, and the environment was polluted. These side effects will have long-term implications for China’s future.
And the root cause comes from Jiang Zemin.
Wang He said that Jiang Zemin’s so-called socialist market economy is deformed, and the economic development had not benefited the Chinese people. On the contrary, because of this system’s inherent inequality and monopoly, it is difficult for the entire Chinese economy to develop sustainably.
The crony economy has at least three serious consequences.
The first is the disparity between the rich and the poor. Six hundred million people have a monthly income of less than 1,000 yuan, and only 5% have a monthly income of more than 5,000 yuan. The second is the collapse of morality. Fake goods are everywhere, and fraud is rampant. The third consequence is the depletion of resources. The environment is polluted, and the ecology is on the verge of collapse.
As a result of Jiang Zemin’s policies, after Xi Jinping came to power, the Chinese economy has continued to deteriorate, and its growth rate is continuing to decline.