China's "Mr. Market Reform" is worried about the country's future. The NYT reports:
BY most measures, China's economic transformation has been a resounding success. Anyone who travels here can see it: the change in people’s living standards, the makeover of big cities — what has come to be called China's economic miracle.
But Mr. Wu sees the defects: a government prone to “meddling” in the marketplace; a widening income gap; inefficient monopolies; and crony capitalism.
His critique sharpened considerably after Jiang Zemin stepped down as president in 2003, and Mr. Wu's role was diminished.
In interviews, Mr. Wu says he feels compelled to speak out because conservatives and “old-style Maoists” have been gaining influence in the government since 2004. These groups, he said, are pressing for a return to central planning and placing blame for corruption and social inequality on the very market reforms he championed.
At the same time, Mr. Wu says, corrupt bureaucrats are pushing for the state to take a larger economic role so they can cash in on their positions through payoffs and bribes, as well as by steering business to allies.
“I’m not optimistic about the future,” Mr. Wu said. “The Maoists want to go back to central planning and the cronies want to get richer.”
Comments