CAMBRIDGE, England -- Chinese President Jiang Zemin has made another speech -- another important speech -- adding gloss to the landmark speech he made July 1 last year at the Communist Party of China's 80th birthday party.

So important was the speech that it had "repercussions throughout departments and institutions under the Communist Party of China Central Committee and mass organizations." For two days after the speech was made, groups all over China studied it and concluded that it marked a further development of Marxist theory and a guide for CPC members' actions. Lesser mortals will be required to study it for months to come.

The speech was given on May 31 at the graduation ceremony of the Party School of the Central Committee of the CPC. This is the educational establishment where handpicked future leaders of the CPC are sent for training in party lore before they are promoted, and where existing leaders are sent for additional instruction in Marxist Leninist Maoist theory.