China’s economic rise under Jiang Zemin featured lessons, warnings that still resonate today

When China was at a critical crossroads in 1989, Jiang helped solidify the groundwork for a socialist market economy via market reforms and international trade

But the economic awakening was not without its pitfalls, as corruption was widespread in the 1990s and China’s wealth divide turned into a vast chasm

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During a trip to the United States in 2002, former Chinese leader Jiang Zemin shares a laugh with his US counterpart, George W. Bush, as they discuss NBA player Yao Ming. Photo: AP

Published: 6:00am, 6 Dec 2022Updated: 10:08am, 6 Dec 2022

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China’s embrace of change in critical times – with bold economic reform and the pursuit of favourable external ties – was seen as a hallmark of Jiang Zemin’s 13-year leadership.

And such proactive pursuits serve as a lesson that many analysts today believe could help the country weather a variety of storms and looming headwinds.

When handed China’s top job in 1989, the leader was immediately thrust into a tumultuous situation, facing blanket Western sanctions after Beijing’s crackdown on a pro-democracy movement, stalled economic reforms, and calls from ideological conservatives for a return to greater state control to ensure social stability.

Jiang, who died last week at the age of 96, was initially expected to be a stopgap leader. But he and his team would go on to be remembered for repairing relations with Western countries, leading the country out of isolation, and saving China’s Communist Party from the same fate that befell Eastern European countries and the Soviet Union.

Economically, the push for market reform and international trade rules under Jiang was widely believed to be one of his major legacies that helped elevate China’s economy.