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In 1997, after the death of Deng Xiaoping, and the resignation of former Premier Li Peng, President Jiang Zemin was persuaded by the new Premier Zhu Rongji to change his stance on free-market capitalism and improve relations with the west. Between 1998 and 2003 the Jiang-Zhu Administration sold off and privatized the majority of China's 13,000 large and medium-sized state-owned enterprises, except for a few large monopolies such as the energy sector and natural resources. During the same period, the Jiang-Zhu Administration also reduced tariffs, trade barriers, and regulations; reformed the banking system; dismantled much of the [[File:Mao.png]] Mao-era [[File:Welf.png]] [[Welfarism|social welfare system]]; reduced inflation; and joined the World Trade Organization. |
In 1997, after the death of Deng Xiaoping, and the resignation of former Premier Li Peng, President Jiang Zemin was persuaded by the new Premier Zhu Rongji to change his stance on free-market capitalism and improve relations with the west. Between 1998 and 2003 the Jiang-Zhu Administration sold off and privatized the majority of China's 13,000 large and medium-sized state-owned enterprises, except for a few large monopolies such as the energy sector and natural resources. During the same period, the Jiang-Zhu Administration also reduced tariffs, trade barriers, and regulations; reformed the banking system; dismantled much of the [[File:Mao.png]] Mao-era [[File:Welf.png]] [[Welfarism|social welfare system]]; reduced inflation; and joined the World Trade Organization. |
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Many big private Chinese corporations were founded and entered the world stage throughout the late 1990s and early 2000s, during Jiang Zemin's reign. Among those include Alibaba Group, founded by Jack Ma in 1999, which specializes in e-commerce, retail, Internet, and technology. Tencent is the world's largest video game vendor, and among the largest social media, venture capital, and investment corporations. Geely is a multinational automotive company headquartered in Hangzhou, Zhejiang. Huawei Technologies Co., Ltd. is a multinational technology corporation headquartered in Shenzhen, Guangdong, and by 2021 is ranked the second-largest R&D investor in the world. Thousands of private schools and hospitals also appeared throughout the country during this time. |
Many big private Chinese corporations were founded and entered the world stage throughout the late 1990s and early 2000s, during Jiang Zemin's reign. Among those include Alibaba Group, founded by Jack Ma in 1999, which specializes in e-commerce, retail, Internet, and technology. Tencent is the world's largest video game vendor, and among the largest social media, venture capital, and investment corporations. Geely is a multinational automotive company headquartered in Hangzhou, Zhejiang. Huawei Technologies Co., Ltd. is a multinational technology corporation headquartered in Shenzhen, Guangdong, and by 2021 is ranked the second-largest R&D investor in the world. Thousands of [[File:PrivateSchool.png]] private schools and hospitals also appeared throughout the country during this time. |
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Foreign companies were also encouraged to invest in the Chinese market and were free to exploit their Chinese employees as they pleased. Foxconn, a Taiwanese multinational electronics contract manufacturer, founded by billionaire and [[File:RevRightKMT.png]] [[Plutocracy|Kuomintang member Terry Gou]] has come under heavy scrutiny for the infamous "Foxconn suicides" in Shenzhen caused by the company's poor treatment and abuse of their employees. The economic "reforms" championed by the Jiang Zemin-Zhu Rongji Administration earned the CPC the support of most major western corporations and CEOS such as Bill Gates ([[File:Microsoft.png]] Microsoft), [[File:ElonMusk.png]] Elon Musk (Tesla), [[File:Neoliberal-icon.png]] Michael Bloomberg, among others, who would help the CPC with establishing giant networks of mass-surveillance and propaganda. |
Foreign companies were also encouraged to invest in the Chinese market and were free to exploit their Chinese employees as they pleased. Foxconn, a Taiwanese multinational electronics contract manufacturer, founded by billionaire and [[File:RevRightKMT.png]] [[Plutocracy|Kuomintang member Terry Gou]] has come under heavy scrutiny for the infamous "Foxconn suicides" in Shenzhen caused by the company's poor treatment and abuse of their employees. The economic "reforms" championed by the Jiang Zemin-Zhu Rongji Administration earned the CPC the support of most major western corporations and CEOS such as Bill Gates ([[File:Microsoft.png]] Microsoft), [[File:ElonMusk.png]] Elon Musk (Tesla), [[File:Neoliberal-icon.png]] Michael Bloomberg, among others, who would help the CPC with establishing giant networks of mass-surveillance and propaganda. |
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