Evolution is revolution in today's China, as the great transformation of the communist system proceeds in the painful effort to create a system that works. Last week Jiang Zemin was the latest leader to order a retreat from one of the ideology's sacred tenets: state ownership of industry. Although he cloaked his decision in the semantic cant of "socialism with Chinese characteristics," the change he has ordered is nothing less than the last major step toward Chinese-style capitalism. Beijing will sell off the bulk of the nation's virtually broke state enterprises. Call it what they may, that's still privatization.
The government...
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