News

October 02, 2009

China Celebrates Its Advance Towards World Economic Leadership, As Should Investors In Resource Stocks

By Charles Wyatt

It is 60 years since Chairman Mao came to power, but it was certainly not he who set China on the path to economic power. The honour for that goes to Deng Xiaoping, the leader who started a series of economic and political reforms which led to the gradual implementation of a market economy and some political liberalization that relaxed the established communist systems.

His  reforms did not come quickly enough for many who watched the political liberalisation that had been undertaken in the name of glasnost by Mikhail Gorbachev. The massacre in Tiananmen Square on 4 June 1989, came after a wave of protests all round the country and was intended to remind the protelariat of their position in life. It actually achieved the opposite as it reminded Deng of the power of the people and he accelerated his reforms. The result was the amazing...