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China Emerging_ 1978-2008 - Xiao-bo , Wu [29]

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Exchange opened an “experimental market” in order not to be second to Shanghai. Due to the haste with which this was put together, the Shenzhen Exchange had no computerized systems like Shanghai. Only eight thousand shares were traded on the first day, using the most primitive method of calling out numbers and writing them on a blackboard.

People were beginning to recover confidence, and there was some sense that things were moving in a calm direction. China was gradually pulling out of an economic slump, but anxieties about volatility remained. On top of these was a concern about the evolving relationship between the Soviet Union and Eastern Europe, where the political situation was said to be worsening. Partially as a result of the political developments overseas, another ideological debate

Seeking “wealth” on the street. Photographed in July 1994.

began to percolate, which suddenly took aim in the direction of reformers. The substance of the debate was condensed to one phrase, “Is it called socialism, or is it really called capitalism?” Influenced by the insinuations, officials at all levels of government now found it hard to know what the proper line was. As a result, they began to vacillate, and seemed paralyzed when it came to supporting further reform.

The mantle of history again fell upon Deng Xiaoping, who had long since announced that he was retiring from the political scene. At first, he operated anonymously. From February 15 to March 22, 1991, the Liberation Daily in Shanghai published a series of three articles based on an earlier address by Deng Xiaoping. However, the content of

Housing exchange meeting in 1989, at which citizens voluntarily came together to swap housing information.

Peasant workers carrying goods on their backs. Photographed in 1989.

A banner displaying Deng Xiaoping’s decisive saying, “The basic route of the party will not change for one hundred years!” Photographed in Guangzhou, Guangdong, in 1993.

the articles was not attributed to him, and that information was revealed only later. The articles were authored by somebody named Huangfu Ping, meaning “Calming the Huangpu,” the river that flows between Shanghai and Pudong. The articles stressed that China should continue to emancipate its mind, be willing to take risks, and carry on reform; and that China should not be constrained by some ongoing debate about whether it was called “socialist” or “capitalist.” As soon as the articles appeared, they stirred up tremendous debate, particularly as the source of the thinking behind them had not been revealed. Therefore, some people criticized and condemned the thinking. One article published on April 20 charged that, “Not asking if it is capitalist or socialist will simply lead us down the capitalist road.” Another noted, “All Chinese people who are not willing to be enslaved yet again have a responsibility and a right to question whether it is called socialist or capitalist. At the same time, we need to make sure we do not deviate from the direction of reform.”

The situation was clarified in a decisive manner in the springtime of 1992. From January 18 to February 21, Deng Xiaoping went on a southern tour, inspecting places like Wuchang, Shenzhen, Zhuhai, and Shanghai. During the tour, Deng delivered a series of famous arguments, which were intended to guide the direction of China in the future.

These colloquial and concise arguments were as follows. “The basic route of the party will not change for one hundred years.” “In determining the standards by which to judge our work, we shouldconsiderwhether or not the result can help boost the productivity of our socialist society. Is it beneficial to increas

Wuchang in 1992. Wuchang was the first stop of Deng Xiaoping’s “Southern Tour.”

The first batch of stocks of Shanghai-based companies, including Xiao Feile, Electronic Zhenkong, Yuyuan Department Store, Yanzhong Industrial, and Shenhua Electric.

ing the overall national strength of our socialist country? Is it beneficial to raising people’s standard of living?” “The basic quality

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