I'm John Datsworth, 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 capitalist, 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 Mousie, Deng, Dung has a daughter whom you describe as mousy, Deng,

Deng Nan, 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 name Zhang Ming Hong, who is called Mr. 10-percenter.

What was the 10% about?

Well, that's because in Shanghai, where he lived then, a lot of companies felt that they needed to give him 10% 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 was 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 CICC, it's an investment fund?

...