Drawing back from last year's ambitious plans for rapid industrialization, Peking's leaders have endorsed a more prudent policy of slow but steady growth, with more stress on consumer goods. Last week the Fifth National People's Congress, China's rubber-stamp parliament, unveiled both the new approach and its key man, Chen Yun. Named a Vice Premier and head of the newly revived State Finance and Economic Commission, Vice Premier Chen Chen, 79, in effect becomes China's principal economic technocrat and a powerful figure in his own right. Chen had been purged from similar posts after he opposed the Great Leap Forward espoused by...
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