In return, the Chinese citizen was expected to remain content with one party Communist rule in the country.

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In fact, despite the rigid censorship and control of media in China, hundreds of reports are coming out every day about export oriented factories shutting shop and workers losing their jobs and livelihoods. The estimates of jobs already lost in the export driven manufacturing sector range from a very conservative 10 million to a more realistic 20 million. Experts reckon that more than 20 million workers are going back to their native villages as job prospects recede in the once booming towns of coastal and central China. Are these tens of millions of Chinese citizens going to keep quiet and stoically accept the leadership of the Communist Party?

That’s the fear that is haunting the ruling party bosses in China. Sure, they were able to successfully crush the pro-democracy movement of 1989 and conclude an almost Faustian bargain with the Chinese citizens and middle classes. The bargain was simple: the State will deliver dizzying rates of GDP growth year after year along with increased prosperity and economic mobility and freedom. In return, the Chinese citizen was expected to remain content with one party Communist rule in the country. For a good 20 years, this bargain has worked spectacularly well as the Chinese economy has grown consistently at double digit rates for decades. But as a torrent of even ‘censored’ and controlled data that is coming out of China indicates, the good times are over – just as the economy faced a severe downturn in 1989 and people lost jobs by the hundreds of thousands. In fact, Communist party bosses have openly admitted that it is imperative for China to grow at a minimum of 8% per year to fulfil the economic aspirations of citizens and divert their attention from difficult decisions like political freedom. Many analysts have marvelled at how middle class Chinese have been content to keep their political thoughts to themselves and concentrate on making money. But now that money making may become a closed option, there is little doubt that dissatisfaction and unrest will grow.


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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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