We will prevail. Meanwhile, Zhu would tackle the thorny tasks of shutting down profitless state factories, curbing corruption, streamlining a bloated bureaucracy, cleaning up the banking system, and privatizing housing. With China still growing, Zhu thought the country could absorb the shock of reform. He was wrong. Now, millions of unemployed are clogging the cities.
Protests occur almost daily.
Consumers have stopped consuming. Housing privatization has stalled. State factories still churn out billions of dollars in unwanted goods. We are wondering if this is a government we can trust,'' says a Western banker in the southern city of Guangzhou. China has always been a tough place to do business.