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Jiang Zemini

Former Chinese president Jiang Zemin died in Shanghai on November 30, 2022, aged 96. Jiang, who was born in Yangzhou, Jiangsu in 1926, graduated from Shanghai Jiaotong University with a degree in electronic engineering, and rose up in state-owned factories and government agencies overseeing industries. He was promoted to China's top power bench soon after the bloody crackdown on student movement in Beijing in 1989, becoming general secretary of the Party and chairman of its Central Military Commission. He became president in 1993. He held on to the military chief job for two more years even after handing the Party leadership and presidency to successor Hu Jintao in 2002-2003. He was believed to still wield massive influence on Chinese politics a decade after his retirement.

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The concept of ‘new productive forces’ shows that China’s top leadership has realised that the traditional model of relying on debt-fuelled investment to drive growth has reached its limit.

The ultra-leftist revival threatens Xi’s plans to revive the economy and turn China into a dominant world power by 2049. It’s time to curb these ultra-nationalistic tendencies and return to pragmatic reform and development.

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Some China watchers may cite the increased appearance of ideological phrases in the 20th party congress report to conclude that Beijing is ditching pragmatism, but such arguments diverge from reality.

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  • Opportunity to buy control of a bank in China, home to the fast economic growth in the world, was certainly appealing, Shan Weijian says in new book Money Machine
  • Jiang Zemin and his government considered foreign investment and participation ‘as critical to their reforms and growth agenda’
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Deng Xiaoping’s embrace of economic liberalisation unleashed a boom in private entrepreneurship in China, but the confidence that entrepreneurs had in Beijing to protect their interests has somewhat weakened in the past decade.

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In this edition of the Global Impact newsletter, we look back at the life and achievements of former Chinese president Jiang Zemin, and ahead to what the future holds for China.

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The policy ‘arrows’ Beijing fired in November will aid debt-trapped developers, but observers differ on the timing and magnitude of a rebound, while some doubt the boom times will ever return.

Xi credits Jiang with leading the country through difficult times, upholding the rule of socialism and persisting in opening up and economic reform.

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When China was at a critical crossroads in 1989, Jiang helped lay the groundwork for an economic transformation, and it largely hinged on improving relations with Western countries.

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Hong Kong will mourn together with ‘mainland compatriots’ when memorial service is being held in Beijing on Tuesday, government spokesman says.

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