China's Development

1177 Words3 Pages

China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experienced unprecedented changes. Entirely, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies. Its phenomenal success is because it developed some suitable public policies, which were the perfect fit for the situation in China. In the last few years, China has had a remarkable economic development and has come to play an increasingly significant role in our world economy. When the new Chinese Government was set up in 1949, the new government faced a lot of problems. First on their agenda was how to re-build the country. As Communist Party of China (CPC) is a socialist party, their policies at the time were similar to that of the Soviet Union’s. Consequently, the CPC used a centrally planned strategy as its economic strategy when it first began. For a long time, the Chinese economy was a centrally planned economy in which none other than the state owned all companies. In fact, there were absolutely no entrepreneurs. As time went on, the problems of a centrally planned economy started to appear, such as low productivity, which was the key reason for restricting the development of China. With the population growing, the limitations of the centrally planned economy were clear. In 1978 China started its economic reform whose goal was to generate sufficient surplus value to finance the modernization of the Chinese economy. In the beginning, in the late 1970s and early 19... ... middle of paper ... ...ks Cited (2009) 1981: Dual-track Price System, China's Special Economic Zones." China's Special Economic Zones. Dept. of Global Studies & Geography , Hofstra University, New York, USA, 1998. Web. 18 Nov. 2013. HU, Vicky (2005). «The Chinese Economic of HD Biosciences Co.». In: X Jornada d’Economia de Caixa Manresa (2005: Manresa) [article on line]. Caixa Manresa. [date of consulting: dd/mm/yy]. Naughton, B (2007) The Chinese Economy: Transitions and Growth, Cambridge, Massachusetts: MIT Press Stoltenberg, Clyde D. "China's Special Economic Zones: Their Development and Prospects." Asian Survey. 6th ed. Vol. 24. Berkeley, CA: University of California., 1984. 637-52. JSTOR, 1984. Web. 16 Nov. 2013

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