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of socialism is to release productivity, develop productivity, eliminate exploitation, and eliminate extremism. Its aim is finally to arrive at common prosperity.” “The fundamental distinction between socialism and capitalism does not lie in whether you have a little more planning or a little more market.” “We must be a little braver in approaching reform and opening up. We must grasp the moment and develop ourselves. Of key importance is developing the economy.” “China should be on guard against rightism, but even more importantly it should prevent leftism.” “Firmly grasp two links at the same time. Build up the ‘two civilizations’ (referring to material civilization and spiritual civilization), for only this will create real socialism with Chinese characteristics.”

These remarks by Deng Xiaoping put a resounding “closure” on the ideological debate that had by then seeped into every aspect of life. Deng had no patience for any more discussion on a theoretical level about hazy and insignificant details.

On March 26, 1992, an article of eleven thousand words in length was published in the Shenzhen Special Economic Zone News. It was titled “An Eastern Wind Is Blowing in, Springtime Fills the Air: An Account of Comrade Deng Xiaoping’s Visit to Shenzhen.” The next day, all newspapers carried this article in headline positions. In the past, such a momentous

G L O S S A RY 2 . 7

Two meetings

The National People’s Congress and the Chinese People’s Political Consultative Conference are colloquially referred to as the “Two meetings.” These are held for about two weeks every March. A new “Congress” begins every five years with annual meetings in between called “plenary sessions.”

report would have been issued first and on a coordinated basis by the People’s Daily or the Xinhua News Agency. The unusual nature of this release added to its impact. “Two meetings” convened in Beijing on the day after the article was published, so that the content of the article was very significant. Instantly, everyone fell in line with a rallying cry for a faster pace in reform and more liberated thinking. Any talk of whether such an activity was socialist or capitalist faded away.

The Fourteenth Congress of the Communist Party of China was convened in October 1992, and clearly spelled out the goals of “establishing a socialist market economic system.” At the same time, the theoretical approach of “Building socialism with Chinese characteristics” was written into the party’s constitution. At the closing ceremony of the Fourteenth Congress, Deng Xiaoping shook hands with all attendees. His face wore a gentle smile. This was the last time the elderly gentleman was to appear at a party congress.

One dramatic episode at this juncture is noteworthy. After Deng Xiaoping journeyed south, the “heat wave” that followed was seen first in an

In August 1992, people lined up to buy lottery tickets for a chance to purchase the shares that were being listed in Shenzhen.

August 10, 1992, in Shenzhen: Angry people who could not buy lottery tickets for purchasing shares due to official corruption.

explosion of the stock market. On August 7, 1992, the Shenzhen Exchange announced that it would be issuing five million vouchers allowing investors to subscribe to shares in new issues. Names of people who could subscribe to the new issues were to be chosen by lottery drawings at specific sites in the city. The selling of tickets for the vouchers was to begin in two days. Those who wanted to subscribe were required to show their ID cards, and one ID card could get one lottery ticket. At most, each person could buy ten tickets at a time, using ten ID cards. In a one-time draw, authorities would issue five hundred thousand valid tickets. Each ticket drawn allowed a person to buy one thousand shares of the companies going public.

The moment this announcement was made, a snowstorm of the requisite identification documents began to bury the post office. Almost everyone in China was busy sending IDs to relatives or friends, enabling them to participate. They were