The socalled Wenzhou rate is said to beginat 18% and can even exceed 200%. A loan rarely extends beyond two years. Outsiders oftenmarvel at the long-term planning tied to Chinas economy, but many of its most dynamicmanufacturers are limited to sowing and reaping within an agricultural season.
So bamboo capitalism will have to change. But it is changing China. Competition from privatecompanies has driven up wages and benefits more than any new lawhelping to create theconsumers China need. And behind numerous new businesses created on ashoestring are former factory employees who have seen the rewards that come from running anassembly line rather than merely working on one. In all these respects the private sector playsa vital role in raising living standardsand moving the Chinese economy towards consumptionat home rather than just exports abroad.
The West should be grateful for that. And it should also celebrate bamboo capitalism morebroadly. Too many peoplenot just third-world dictators but Western business tycoonshavefallen for the Beijing consensus, the idea that state-directed capitalism and tight politicalcontrol are the elixir of growth. In fact China has surged forward mainly where the state hasstood back. Capitalism with Chinese characteristics works because of the capitalism, not thecharacteristics.
译文
竹节资本主义
中国的成功更多的归功于企业家而不是官僚。是时候将这些企业家推到幕前了。
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