Reformist calls for China to reassure the private sector ahead of key Communist Party meeting
- Li Youwei, who helped spearhead Shenzhen’s development in the 1990s, says there is a risk Beijing will take ‘the wrong steps’ and retreat from reform
- He says private investors need to have confidence that their investments are safe and protected by the government and the law
Li, who helped spearhead the city’s fast-paced development in the 1990s, made the remarks in an article published in Wen Wei Po, a Beijing-backed newspaper in Hong Kong, late last month.
He said the biggest risk for China at the moment was not pressure from Western countries, but making the wrong decision and retreating from reform.
The 82-year-old former Shenzhen party secretary is known for his reformist views and as a staunch supporter of late leader Deng Xiaoping. He has also long pushed for private entrepreneurs to take a bigger role in China’s economy.
“Some people say the US is applying maximum pressure on China and is just waiting for China to collapse,” Li wrote. “What will be the last straw? If China takes the wrong steps under such strong pressure.”
He said the “most obvious mistake” would be made because of leftism, a reference used by China’s ideologues for an emphasis on Marxist traditions and the supremacy of the state-owned sector.