Chinese Capitalism
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Re “China’s Full Monty, to U.S. Cheers,” by Tom Plate, Commentary, Sept. 23:
In the “privatization plan,” the government forces employees to buy stocks and to make loans from the government-owned banks for that purpose. The management, meanwhile, does not have to be accountable to the “stockholder.” The whole process is involuntary--foisting bankruptcy upon hapless employees who, as citizens, have already paid for the enterprise once before. This scheme has absolutely no freedom of choice since employee jobs are held hostage, nor any of the safeguards of regulatory laws similar to the Western shareholder system. Indeed, in this privatization plan the Chinese government needs accountability, credibility and common sense, not to mention American help.
In view of all these problems, cheering may be a bit premature.
R. TING HUANG, Chair
Foreign Affairs and Policy
Committee, Chinese Rights Party
Monterey Park
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