Zhu Rongji's legacy of demographic decline
MADISON — Following former Chinese Premier Zhu Rongji’s recent death at the age of 97, homages poured in for a man widely credited with championing the market-oriented reforms that drove decades of rapid economic growth. Yet the two most emblematic reforms of his tenure, a 1994 tax-sharing policy and China’s 2001 accession to the World Trade Organization, did not only fuel robust growth. They…
Former Chinese Premier Zhu Rongji, who passed away at age 97, is remembered for advocating market-oriented reforms that spurred economic growth. However, these reforms - a tax-sharing policy in 1994 and China's 2001 entry into the World Trade Organization - also transformed China's economic structure and the global economy, with significant demographic consequences.
Upon initiating market reforms, China initiated fiscal decentralization, boosting household disposable income as a percentage of GDP from 44% in 1978 to 62% in 1983. As private sector dynamism surged, so did popular calls for democracy. Coupled with a high proportion of 15- to 29-year-olds, a demographic group often catalyst for social change, these elements ultimately played a role in the 1989 pro-democracy movement.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Remembering Zhu Rongji and understanding his legacy scmp.com
- Zhu Rongji's legacy of demographic decline koreatimes.co.kr
