Deng Xiaoping (
"They [officials] are celebrating, but which one of us ordinary folks is celebrating? What is there to celebrate?" said a 63-year-old hawker who sells chicks for one yuan [US$0.12] in a Beijing pet market.
"I don't admire him, look at the society now -- thieves, robbers, they are everywhere," said the former wine factory worker from Hubei Province, who identified himself only as Zhang.
For decades Zhang was an employee of the state, which used to guarantee life-long employment for its workers and was responsible for their welfare including housing and health care.
"In those [pre-market reform] days we could leave our front doors open at night and not have to worry. Now you have to watch your wallet every minute," he said.
Known for his pragmatic and laissez-faire approach to prosperity, Deng, whose 100th birthday is cele-brated today, launched capitalist-style market reforms in 1978.
They helped push China through a metamorphosis from a drab Leninist state solely dependent on its staid state economy to a dynamic economic powerhouse. But many ordinary people are now saying that life for them has got worse, not better.
FEELING THE PINCH
"Bread buns used to cost 4 mao (US$0.05), now they cost one yuan," said a welder at a construction site who gave his name as Li.
Daily living prices have soared since the launch of Deng's market economy and although living standards have improved for many people, those at the bottom of the social ladder tend to feel most of the pinch.
"The distribution of wealth is so unequal and the gap between the rich and the poor is so wide," Li said. "If you have money, you can do anything, if you don't, you can do nothing."
"All the money goes into the pockets of the bosses," said worker Wang Anping, 42, from Anhui Province. "Life is really tough."
Many migrant construction workers in Beijing toil for nearly 12 hours a day and apart from the 100 yuan they earn in monthly living expenses, they often get little more.
According to state media, the Gini Coefficient for China climbed from 0.18 in 1978 to 0.452 in 1995, and reached the warning level of 0.51 in 2002. The index is an economic measurement of the rich-poor disparity used by the UN and the World Bank and a reading between 0.3 and 0.4 is regarded as normal but 0.4 or above is considered serious.
COST OF CORRUPTION
Rampant corruption and arbitrary charges collected by officials were other major complaints.
"These city management officials, police, bureaucrats, charging us for this and that, they are just eyeing the money in our pockets," Zhang said, shaking his head.
Anybody wanting to set up a business in modern China has to a pay a series of administration fees imposed by various government offices and bribes are customarily expected by officials.
In the countryside, village cadres often go from door to door collecting hefty taxes and arbitrary fees from peasants to boost the local administrations' incomes.
"You only have money if you have power," said taxi driver Zhang Guo, who used to be a farmer on the outskirts of Beijing.
"Look at these fancy buildings, if the developers want the lands the officials just give it away, it's so easy," he said, pointing at a row of garish pink new apartment blocks.
The taxi driver said he only manages to keep on average one-sixth of his earnings because of the hefty rental fees he has to pay the taxi company, which is one of the few that are monopolizing the market.
Zhang reminisced about a poorer but simpler lifestyle before economic reform.
"In those days everyone was the same, we were all poor but you just managed to get by," he said.
The capitalist society, he added, had brought out the worst in people.
"It's true that living standards are higher now than before, but people are malicious, they cheat each other, they are selfish," Zhang said. "Look at the fake goods all over the place."
LOSS OF VALUES
The widespread lack of supervision in the production and sale of low-quality, fake and harmful products that now flood China's mar-ket was most recently highlighted by a scandal in eastern China in which a substandard milk powder killed 13 babies and made at least 189 sick.
The non-state market often lacks effective and stringent supervision. Corruption and bribery, as in the milk powder case, often worsens the situation.
Zhang blamed the market economy heralded by Deng.
"So many state-owned enterprises had to close down, people were made redundant and they are desperate," he said.
But shopkeeper Yan Qiuxiang, 67, said he preferred the current Chinese society, which is much more open and prosperous than the ideology-crazed Mao Zedong (
Yan recounted the numerous political campaigns during the tumultuous 1950s and 1960s, including the Cultural Revolution, which he said nobody would ever want to experience again.
Acknowledging that the country still has many social problems and inequalities, Yan said he cherished the economic and political stability enjoyed now by many.
"Our living standards have improved tremendously," he said.
"If there wasn't the economic reform, we wouldn't have what we have now. This would not have been possible during Mao's era," he said.
The conflict in the Middle East has been disrupting financial markets, raising concerns about rising inflationary pressures and global economic growth. One market that some investors are particularly worried about has not been heavily covered in the news: the private credit market. Even before the joint US-Israeli attacks on Iran on Feb. 28, global capital markets had faced growing structural pressure — the deteriorating funding conditions in the private credit market. The private credit market is where companies borrow funds directly from nonbank financial institutions such as asset management companies, insurance companies and private lending platforms. Its popularity has risen since
The Donald Trump administration’s approach to China broadly, and to cross-Strait relations in particular, remains a conundrum. The 2025 US National Security Strategy prioritized the defense of Taiwan in a way that surprised some observers of the Trump administration: “Deterring a conflict over Taiwan, ideally by preserving military overmatch, is a priority.” Two months later, Taiwan went entirely unmentioned in the US National Defense Strategy, as did military overmatch vis-a-vis China, giving renewed cause for concern. How to interpret these varying statements remains an open question. In both documents, the Indo-Pacific is listed as a second priority behind homeland defense and
Every analyst watching Iran’s succession crisis is asking who would replace supreme leader Ayatollah Ali Khamenei. Yet, the real question is whether China has learned enough from the Persian Gulf to survive a war over Taiwan. Beijing purchases roughly 90 percent of Iran’s exported crude — some 1.61 million barrels per day last year — and holds a US$400 billion, 25-year cooperation agreement binding it to Tehran’s stability. However, this is not simply the story of a patron protecting an investment. China has spent years engineering a sanctions-evasion architecture that was never really about Iran — it was about Taiwan. The
In an op-ed published in Foreign Affairs on Tuesday, Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun (鄭麗文) said that Taiwan should not have to choose between aligning with Beijing or Washington, and advocated for cooperation with Beijing under the so-called “1992 consensus” as a form of “strategic ambiguity.” However, Cheng has either misunderstood the geopolitical reality and chosen appeasement, or is trying to fool an international audience with her doublespeak; nonetheless, it risks sending the wrong message to Taiwan’s democratic allies and partners. Cheng stressed that “Taiwan does not have to choose,” as while Beijing and Washington compete, Taiwan is strongest when