Written by Mark O’Neill - Published by South China Morning Post on 04/22/2002

Zhu Rongji should receive the Nobel Prize for Economics and may stay on the Standing Committee of the Communist Party Politburo after this autumn’s Party Politburo after this autumn’s party congress, the author of a new book on the Premier says.

Zhu Rongji and the Transformation of Modern China by Lawrence Brahm, and American lawyer and entrepreneur who has written more than 20 books on China, was launched on Thursday during a conference of the World Economic Forum in Beijing.

The publishing house John Willey plans to print 6, 000 copies to be sold mostly in Asia. It has sold rights for translation into Chinese to companies in Taiwan and the mainland which are expected to publish their editions in about two months.

Brahm said Mr. Zhu had been the driving force in economic policy in China for the past 10 years, as vice-premier and then as Premier.

He compared him to US Federal Reserve chairman Alan Greenspan, saying that both have the ability to inspire public confidence in what they are doing.

“Who will carry the dynamism of Zhu in managing the economy? What role will Zhu play after the congress? This is a very sensitive time. He could stay the Standing Committee of the Politburo. This is a question to be answered at meetings in Beidaihe in the summer,” he said.

He also compared Mr. Zhu to economist John Maynard Keynes and said he deserved a Nobel Prize for transforming China from a planned to a market economy through “managed mercerization” — a mixture of market forces and administrative measures.

“He provided an alternative to the theories of the prattlers at the International Monetary Fund, the World Bank and the Washington consensus who wanted him to widen the trading band [of the yuan]— a de facto devaluation — during the Asian financial crisis.

“He refused. He took a longer strategic view — to pay back China’s debt, secure the position of Hong Kong and strengthen China’s international role in Asia as a responsible country.”

Brahm has known Mr. Zhu personally for about 10 years. “I have met him in formal sessions and small sessions. He is very clear about what he wants to accomplish and in control at all times. He is very sarcastic, laughs and jokes. He said to me once that the books I write do not make money for me but they do for him, because foreigners read them and come to China to invest.”

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