Global Game Change by Unknown

Author:Unknown
Language: eng
Format: epub
Tags: John and Doris Naisbitt
ISBN: 9780994402813

China’s domestic game change

Do not underestimate China’s ability for rapid change. The most significant characteristic and strength in China’s rise was and is its will to radical change. In 1978 China moved from acting ideologically-driven to results-driven. Deng Xiaoping’s U-turn to reform and opening up changed the country’s direction from a downward to an upward spiral. China’s opening up was based on opening up to mistakes of the past combined with the will to analyze, regroup and change course. The corrections under Deng were sharp, but they were within China’s long-term strategic plan: to create modest wealth for all Chinese by the year 2020. It was within the frame of Chinese thinking that if conditions change, entirely different and unforeseen paths could be taken to reach the goal.

Many of China’s reform steps took boldness. In 1999 the NPC (National Peoples Congress) declared that the private sector was no longer just a supplement to the state economy, but was now a key part of the national economy, a breakthrough in China’s economic policy. What to Western ears might sound like the next logical step was another U-turn in China. It allowed private enterprises to become the locomotives in competing effectively in global markets and the engines of industrial growth. Global competitors under the umbrella of the WTO would gain greater access to the Chinese domestic markets, necessitating more flexibility of Chinese firms. The course had been set in1993 under Vice-Premier Zhu Rongji, one of the great architects of a new, more global China.

Many signs are pointing in the direction that president Xi Jinping and Premier Li Keqiang are taking in the next bold moves to increase China’s role as the leader of the Global Southern Belt and as a key player in the global community. One cannot straight-line extrapolate China’s conversion from the past to China’s future, but one can conclude that China’s leadership has the will and ability to change course in order to keep China on course. Premier Li has been talking about the need for a “self-composed” revolution to reduce his government’s power and promote “market mechanisms” for growth. To our experience, “self-composed” is the key.

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