From Breakingviews - Jiang Zemin made China richer and more unequal
Chosen as party chief weeks before the violent 1989 suppression of Tiananmen Square protesters who demanded economic and political reforms, Jiang inherited a system riven by infighting. His pragmatism probably saved the Party. First, he nurtured a powerful group of supporters, which came to be known as the Shanghai Gang. Second, he put the economy before ideology. Third, Jiang also reined in those who threatened stability, from newspaper editors to ethnic minorities in China’s Western region.
Financial reforms in the Jiang era were sweeping, including moves towards a more independent central bank, the use of interest rates to combat double-digit inflation, and painful restructuring in the state sector. Some of those policies came with a cost, including a property boom that saw ruthless relocations of residents from their old homes.
All this came with a cost. By the end of his presidency China was left with painful levels of inequality. A GDP-centric pursuit of growth saw coastal regions like Shanghai grow rich while rural areas were left behind. Jiang, like Xi, claimed to hate graft, but his blueprint for private-sector growth within a state-directed system made it inevitable.
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