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Pls can you pass a
copy of this & and Whilho
1572 E Chris Lane
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FM PEKING
TO IMMEDIATE FCO
а
7/10
TELNO 1344
OF 070928Z OCTOBER 93
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TOP COPY Q DIST?
45
132774
MDHIAN 8263
INFO PRIORITY HONG KONG, UKREP JLG HONG KONG, BTC HONG KONG
HONG KONG TELNO 1572 TO FCO: JIANG ZEMIN AND LI LANQING ON THE
ECONOMY
SUMMARY
HKB 090/1 vė 993
1. No contradiction with Zhu Rongji's economic initiatives Present adjustments are geared towards preventing slow-down and Loss of impetus in reform process. As political jostling continues Jiang seizes every opportunity to promote himself, striking popular chords.
DETAIL
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2.
TUR sought our views on the article of 6 October by Willy Lam in the South China Morning Post, describing recent statements by Jiang Zemin and Li Langing on the economic adjustment programme.
3.
Lam's basic facts are right, as is much of his economic analysis, and his rather conspiratorial view of Chinese politics is not always wide of the mark, but this time his gloss is far-fetched. He correctly observes the bullish tone of Jiang's speech, but there are no grounds for interpreting these recent statements as putting a moratorium on the 16-point macro-economic control programme Launched by Zhu Rongji in June. Jiang prefers to talk in other people's slogans rather than with measured analysis.
4.
Since the 16 measures became known, public statements by senior Leaders, including Jiang, Zhu and Li Lanqing, have been careful to make a distinction, explicit or implicit, between the retrenchment programme of 1988/9 and the current "adjustment" programme. The earlier programme was aimed above all at throttling inflation, and, though very successful in that, had the effect of perpetuating the cycle of sharp ups-and-downs that have characterised China's economic development since 1978. By contrast Zhu's programme has stressed the need not simply to regain a grip on the economy now (particularly in terms of restoring order to the financial system), but to look further ahead to "deepen" reform and thereby lay the
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