Book Title: Wild Ride: A Short History of the Opening and Closing of the Chinese Economy Author: Anne Stevenson Yang Headline: Deng Xiaoping's Reforms and the Rise of Red Capitalism Following Mao Zedo
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Book Title: Wild Ride: A Short History of the Opening and Closing of the Chinese Economy Author: Anne Stevenson Yang Headline: Deng Xiaoping's Reforms and the Rise of Red Capitalism Following Mao Zedong's death, Deng Xiaoping initiated economic reforms in 1979, driven by the need for hard currency for international travel. His solution was to create hermetically sealed export zones, like Shenzhen, to attract foreign companies and currency. This "red capitalism" led to an elite class, where Deng Xiaoping's daughter and Jiang Zemin's son, Jiang Mianheng (Mr. 10%), secured money and political power, often by taking equity in new companies. 1954
