I'm John Batchew with Anne Stevenson Yang.

The new book is Wild Ride, a short history of the opening and closing of the Chinese economy.

Tiananmen is a catastrophe.

The tanks on students, the damage, and then the pursuit of anyone who was in attendance takes two years of closing the country down, brutalizing.

We don't have a good history.

But in 1992, the country starts to open up again to capital.

It needs capital.

It needs money invested.

It needs to organize itself to attract investment. And this is the period of creating

the red capitalists, which I know Dan, invariably were the sons and daughters of the leading

political figures, all of them. Dung has a daughter whom you describe as mousy, Deng Nang, who becomes part of the free economy

and other, the premier have children or friends of children. The one I love best is a Drexel

University graduate named Zhang Ming Hong, who is called Mr. Ten percenter. What was the ten percent

about? Well, that's because in Shanghai, where he, where he lived then, a lot of companies felt that

they needed to give him 10 percent of the equity in order to smooth their way to getting licenses and getting capital.

He was the son, of course, of Jiang Zemin, who is the head of China.

I hate to use the word president, which Chinese people never use, but he was the head of

China after Tiananmen.

And so his son was Mr. 10%. And this is red capitalism. This isn't quite our

idea of capitalism, but it is red capitalism. The Premier's son, his name is Levin Zhu, he runs something

that, what is that, a sovereign fund, a C ICC, it's an investment fund? The state-owned investment bank that eventually took a piece

of all of the Chinese companies that were listing on foreign markets. So what we're looking at

...