by Sitaram Yechury
The tremendous strides made by the Chinese economy during the last two decades have been recognised, even by its worst critics, as being incomparable in the 20th century. The average annual rate of growth during the last two decades registered an amazing 9.8%. The Chinese economy continues to grow over and above this record at roughly 8% in the current year. The IMF has predicted that by the year 2007, People’s Republic of China will surpass the United States of America as the largest economy in the world (World Economic Outlook, IMF, 1997).
Pictures of Chinese leaders Mao Zedong, Deng Xiaoping and Hu Jintao on parade to celebrate the 60th anniversary of socialism in China.
How was such a remarkable development possible? Particularly, in a period when the mighty Socialist Soviet Union was dismantled? When all pen-pushers of imperialism and the bourgeoisie were busy seeking to nail the coffin of socialism and claiming that “capitalism is eternal”, socialist China continued to register such impressive economic successes. In a period when imperialist ideologues are churning out theories such as the `end of ideology’, socialist China continues to speak of upholding Marxism-Leninism. While the right-wing intellectuals and academicians are in a haste to state that China’s successes have nothing to do with either Marxism or socialism, some amongst the Left are also concerned whether these successes in China represent the restoration of capitalism? Has Mao’s China been abandoned? Have `capitalist roarders’ taken over China? What are the consequences of the current economic reforms for the future of socialism in China? These are some of such questions that we seek to explore. Continue reading