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China's Premier Zhu Rongji Faces International Media Ahead of US Visit

Strategic Insights

— 1 min read

China's Premier Zhu Rongji, facing mounting social unrest and unemployment, is set to hold his second news conference since taking office, just months before his planned visit to the United States. Zhu's bold economic reform agenda has stalled, and his government is under pressure to address the social instability caused by rising unemployment. The Premier is also facing allegations of China's acquisition of sensitive missile technology and criticism of his economic reforms.

Key Takeaways:

  • China's Premier Zhu Rongji is facing his second news conference since taking office, scheduled to take place on the sidelines of the ongoing National People's Congress (NPC).
  • Zhu's bold economic reform agenda has stalled due to mounting social unrest and unemployment.
  • The government is under pressure to address the social instability caused by rising unemployment, with President Jiang Zemin stating that new policies on reform and development must not be "out of line with society's ability to withstand them".
  • Zhu also faces questioning about progress on China's entry into the World Trade Organisation (WTO) and has hinted at a breakthrough in talks with the US.
  • The People's Bank of China (PBOC) governor Dai Xianglong has suggested that China will make "big concessions" in the financial sector as part of the country's attempt to enter the WTO.
  • Dai stated that China has 170 foreign bank branches and has given licences to nine foreign insurance companies.
  • The grant of more licences for foreign bank branches and insurance firms is expected to be announced this year.

Statistics:

  • 170: The number of foreign bank branches in China.
  • 9: The number of foreign insurance companies licensed to operate in China.
  • 1998: The year in which Zhu's bold economic reform agenda appeared to stall due to social unrest fuelled by unemployment.
  • 13: The number of years of negotiations for China's entry into the World Trade Organisation (WTO).
  • End 1999: The time by which China hopes to wrap up talks on entry into the WTO.
  • End 1999: The time period by which the next round of multilateral trade negotiations will begin.

Sources:

  • "Beijing, Mar 15, 1999" - Source not explicitly stated.
  • ASIA PULSE (C) 1999 Asia Pulse Pte Ltd News Provided by COMTEX (http://www.comtexnews.com)

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