Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：2  发布时间：2026-05-06

This ambiguous state is a unique phenomenon in China's reform. The rise of civilian power has made the existing system increasingly unable to adapt, but policy changes have been delayed. Therefore, violating and crossing current laws has become a risky behavior that reformers have to take. Similar to Fang Peilin's bank, a credit trading activity called "lifting meetings" or "arranging meetings" has quietly been carried out in various rural areas of Wenzhou. It initially appeared among several people, each contributing a sum of money to form a mutual aid "association", where the person using the money pays others interest higher than the bank. According to data, in Wenzhou around 1984, the amount of private funds circulating in this way exceeded 300 million yuan, becoming the most important driving force for the development of local private enterprises. At that time, almost all homeowners had borrowed or lent funds from the 'lifting association'. Chen Jiashu, the director of Jinxiang Badge Factory, who was once famous for manufacturing military emblems for the United States Marine Corps, recalled, "At that time, the factory relied entirely on underground channels for development, and could borrow up to 10 million yuan at a time