China: Capitalism in the Making

China opens its door to Western fads, finances and fears

One day Deng Xiaoping decided to take one of his grandsons to visit Mao Tse-tung.

"Call me Granduncle," Mao offered warmly.

"Oh, I certainly couldn't do that, Chairman Mao," the awe-struck child replied.

"Why don't you give him an apple?" suggested Deng.

No sooner had Mao done so than the boy took a healthy bite out of it, then happily chirped, "Oh, thank you, Granduncle."

"You see, "said Deng, "what incentives can achieve."

—A story told around Peking

In the once sleepy fishing village of Shenzhen, a new golf course stretches out from...

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