China’s Premier Wen Jiabao opened the National People’s Congress acknowledging that China’s rapid growth has come at the expense of income equality and the environment.
China’s extraordinary economic growth was fueled in an atmosphere of very light regulation by strong individual incentives in a nearly unbridled embrace of capitalism. Now the party is applying the brakes. One wonders if horse has already left the corral. Can the party, only 6% of the population, rein in the personal drive to get ahead, especially now that guanxi can be so easily bought? -RM