China Economy

China is the second largest economy in the world. It has become the fastest growing economy in the world with an average rate of 10% for the last thirty years. The largest exporter and second largest importer of goods has brought China to be ranked first in the foreign exchange reserves. The country with thousands of years of history, started off and continues today as mostly an agrarian economy. Over time China's economy continues to change and prosper. Starting with the first economic change in the early twentieth century, which occurred when the GMD (the Nationalist Party) lost control due to its poor economic performance. This in turn led to their defeat by the CCP. During that time many peasants lost their farmland and this led to a peasant

As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.

Located in Eastern Asia, China is a country known for being a worldwide economic superpower that has had a communist government for several years. Beginning in 1978, China, under Deng Xiaoping’s rule, began to incorporate capitalistic ideas in the government. Deng created various reforms unlike any of the policies or reforms in prior years that began to reconstruct China’s economy through modernization and by establishment of international trade.

Since the market orientated economic reforms were introduced in 1978 (Khan, Hu (1997, P103) China’s economy has seen a 10% increase in Gross Domestic Product (GDP) Per year (Vincellete, Manoel,

Since the reform and opening up, the economy of China grows significantly, as an emerging economy, China's economy has made tremendous contributions to the global economy, and Renminbi has become one of the most important currency in the world. According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period. In past 30 years, China's GDP surpassed Japan’s, China became the world 's second largest economy, in addition, the huge total volume of trade makes China become the world 's largest trading nation. The contribution of China’s

In October 1949, the People’s Republic of China (PRC) was established and led by Mao Zedong. China’s new communist leaders turned their backs on China’s traditional output (based on individual and small scale household production) economy and set out to create a massive socialist industrial government inspired by the Soviet Union. This idea introduced a model, which prioritize industrialization known as the “Big Push Model”. China started prioritizing investments into the heavy industry, which would reshape the Chinese economy and create a Command economy. Mao’s economic policies seemed be working in the

China has reached a milestone in terms of achieving its centenarian goal of making China a prosperous nation once again. One of the ways that it has done this is by having steady economic growth even in the midst of an economic crisis. Not only has China’s economy grown, but its standard of living has also improved, it has achieved this by spending 70 percent of its fiscal revenue towards improving people’s standard of living. China has also pushed more anti-corruption reforms and has made efforts towards widening its economy by setting up freer trade.

China economy experienced an incredible growth in the last few decades that made the country the 2nd largest economy in the world. When China started the program of economic reforms in 1978, it ranked 9th in nominal GDP but 35 years later it’s now ranked 2nd in the nominal GDP and been the world’s manufacturing hub. In recent years, China’s modernization propelled the tertiary sector and in 2013, it became the largest category of GDP with a share of 46.1%, while the secondary sector still accounted for a sizeable, 45% of the country’s total output. Meanwhile, the primary sector's weight in GDP has shrunk dramatically since the country opened up to the world.

During the 1950s and 1960s, the Maoist government in China implemented a socialistic economy wherein the state controlled nearly every aspect of national and economic development. The process of making the Chinese economy public took the better part of the decade, but resulted in an explosive rate of expansion. Both the nation’s industrial and agricultural sectors grew exponentially until finally reaching a tapering off point during the late 1960s.

To capture the benefits of globalisation, the communist government has moved its focus from domestic to trade oriented. China has become the second largest economy in the world. Since 1980s, it has gone from being the 12th largest economy in the world to the second largest. This indicates that its economy has been growing with an average rate of 10 per cent per year for the last three

China has been moving to a market-based economy since 1978, and a relaxation of central control over certain aspects of the community has helped it become the largest developing economy and the second largest economy in the world when measured by Purchasing Power Parity.

Throughout time, many countries have needed to implement some sort of economic reform in order to strengthen their economy so that they can be more of a power on the world stage and to stabilize their country. The Chinese reforms were long in the making, an unfolding process that had spanned most of the 20th century and, unlike other countries such as Russia who were trying to do the same thing but whom eventually failed, China prospered, and increased its economy greatly. China has had the fastest growing economy in the world for the past two decades, with an annual growth rate of approximately 10 percent since the economic reforms in 1979, and now has the second largest GDP in the world, second only to the USA. Starting in 1979 they

Several scientific and economical things contributed to the urban life in Song China. However, before the Song Dynasty could flourish as whole, the first Song emperor Song Taizu defeated warlords and consolidated Song control throughout China (Pg. 219). It can also be compared to the economy in present day china. Song China improved in science with these several inventions: Gunpowder, Paper Money + Credit, Trade, Fast ripening rice, and how urban life in Song China shapes today’s economy in china. These inventions led to the growth in economy and prosperity in urban china.

China is one of the largest countries on earth, it is four times the size of the United States. In recent years China has made headlines in becoming a global powerhouse. However, China was not always a vibrant country due to domestic problems that caused little to no economic growth for a period. Under the leadership of Mao, the focus was to increase the food supply to feed China’s growing population. The Mao administration redistributed farm land to the peasants where they did not have to pay any rent. This meant that the peasants could invest extra profit to help better the farming soil. Mao would buy the crops from the peasants for a low price and then sell them to outside for a high price. The profit Mao made would be put back into the economy to stimulate growth. Over time the peasants began to consume more food resulting in less food for the

In 1978 when Deng came into official power China had greatly suffered economically. This was the result of the orthodox socialist and communist policies implemented largely during the Cultural Revolution. China’s economic growth in the 1960s and 1970s was very slow, almost stagnant (World Bank), this lead to the expected result of being left in the dust by many countries in Asia, such as Japan. Also in 1978 the population of China living in a rural situation was at least 76.3% (Reuters) of the total Chinese population, equivalent to around 743,463,800 people living in China. However when Deng took over and put his economic policies in place, which included, but were not limited to: opening China to foreign trade. His other economic policies eased the government control over economics and it resulted in a large boost of economic growth, this economic growth extended even past the time he resigned in the 1990s. For instance the GDP (Gross Domestic Product, a determiner of the quality of life) per capita in 1978 was 154.07 billion U.S dollars (World Bank), just 30 years later the Chinese GDP per capita in 2008 skyrocketed to 3,170 billion U.S dollars (World Bank). This increase from 154.07 billion U.S dollars to 3,170 billion U.S dollars represents an approximate whopping 20.57% increase in its GDP in only 30 years after Deng implemented his reforms and