Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：7  发布时间：2025-09-11

Under pressure, Ren Zhongyi, who was in charge of Guangdong, was forced to write his first self-criticism letter. However, he still proposed that "pollution should not be excluded" and the already implemented opening-up policy could not be revoked. He persisted for a moment and defended the position of opening up the special zone. Soon after, Guangdong introduced new local regulations to continue promoting openness. Shenzhen has started issuing multiple entry and exit documents to Hong Kong and Macau businessmen, eliminating the hassle of customs clearance and allowing foreign-funded factories to have the right to hire and dismiss workers. The land leasing in the special zone is also becoming institutionalized, with an annual rent of 10-30 yuan per square meter for industrial land and 70-300 yuan per square meter for commercial land, which is on average about 90% lower than that in Hong Kong. The South China Morning Post said in its editorial, 'This is what all Hong Kong businessmen dream of.'. The US based Business Week commented that "Guangdong Province's policies indicate that for the first time since 1949, foreigners are allowed to rent land, set their own wages, and lay off workers in China for a long time." It seems that in response to Ren Zhongyi's determination to open up, in October of that year, Yuan Geng, the director of Shekou Development Zone, had his subordinates make a large signboard and plant it at the entrance of the Industrial Zone Management Committee, with the words "Time is money, efficiency is life. This slogan initially sparked widespread controversy, but soon became a classic of China's reform.