Ho-fung Hung
China's economic boom, from the 1990's all the way to the 2000's, was based on China's willingness to be a cooperative partner of the U.S. in the project of globalization. Wall Street, U.S. capital more generally, and the Jiang Zemin government made a deal in the 1990s. At the time of the State Owned Enterprise reforms in China, Wall Street firms were involved in the process of auditing companies and in privatization, eventually helping to throw many onto the New York and Hong Kong Stock exchanges. U.S. capital gained a lot of benefits from China's privatization and marketization process and at the same time the U.S. was opened up to China's exports. The U.S., in turn, helped China enter the WTO. This was a symbiotic relationship between U.S. and China in making the global economic order.