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China: Entrepreneurial spirit bottled up again?

Wong Kok Hoi
Wong Kok Hoi • 11 min read
China: Entrepreneurial spirit bottled up again?
Attendees at a job fair in Shanghai. China’s record-high youth unemployment rate may climb further, a warning sign that will pressure policymakers to take action. Photo: Bloomberg
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China’s economic miracle over the last four decades must be attributed to its millions of ingenious, dynamic, hard-working and “never say die” business people.

In my view, the critical turning point took place during the late paramount leader Deng Xiaoping’s Nanxun (Southern tour) in 1992 when he exhorted them to go out to build their businesses and make money in any way they thought best.

Deng made two grand declarations: “To get rich is glorious” and “I don’t care whether the cat is black or white for as long as it catches the mice”.

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