RED CHINA: To Catch a Flea

"If a person tries to use ten fingers to catch ten fleas at the same time," warned Peking's People's Daily not long ago, "it is quite possible that he will not catch even one. Fleas must be caught one after the other." Last week, in deference to this folksy dictum, economic planners all over Red China were lowering their sights.

Red China's economic reassessment began last December when moonfaced Chairman Mao Tse-tung met with the Central Committee of the Chinese Communist Party in the bustling Yangtze River industrial complex of Wuhan. Although...

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