wait... CCP closet capitalists or closet fascists? in the late 70s?
they only liberalized their economy in the mid 1990's after USSR collapsed.
Originally Posted by dilbert firestorm
the seeds were planted in the late 1970's in Shenzhen and Shanghai.by the late 80's they already had opened some markets up to western style investment and companies.
Shenzhen was declared a special economic zone in 1980, a decade before the USSR finally collapsed. China saw the failures of pure socialism coming long before the USSR failed.
https://en.wikipedia.org/wiki/Shenzh...2%80%93present)
Special Economic Zone (1980s–present)
Billboards of high-rise construction in Shenzhen, 1982
In May 1980, the Central Committee designated Shenzhen as the first SEZ in China,
[17][34] which was promoted by then-
paramount leader Deng Xiaoping as part of China's "
reform and opening-up" reforms which were set up a year previously.
[35] Its objective is to be an experimental ground for the practice of
market capitalism within a community guided by the ideals of "
socialism with Chinese characteristics".
[36][37][38] On 26 August, the
Standing Committee of the National People's Congress (NPC) approved the "Regulations of the Guangdong Special Economic Zone."
[39] Under these regulations, Shenzhen formulated a series of preferential policies to attract foreign investment, including business autonomy, taxation, land use, foreign exchange management, product sales, and entry and exit management. Through the processing of incoming materials, compensation trade, joint ventures, cooperative operations, sole proprietorship, and leasing, the city has attracted a large amount of foreign investment and helped popularize and enable rapid development of the SEZ concept.
