China: Taking a Fancy to Capitalism

Taking a Fancy to Capitalism

Peking's courtship with capitalism keeps getting stronger. The Communist government announced last week that for the first time in 35 years consumers would be allowed to buy goods on the installment plan. The ruling regime will also encourage an increase in the country's beauty parlors, tourist attractions, gymnasiums, catering services and other businesses. These enterprises are part of Leader Deng Xiaoping's program to expand the Chinese economy by introducing a bit of individual initiative.

The latest incentives come one month after the first sale of stock since 1949 in Shanghai, the city that once was China's commercial center. Starting at 3:30...

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