China 's Economic Development Of China

In 1953, was when China became a planned economy, based after the planning system of the Soviet Union. A planned economy is where the government controls everything. Soon after many peasants risked their lives to sign an agreement in 1978, Deng Xiaoping (the CCP leader during the time) who supported them started a nationwide reform. China would then begin to move away from a planned economy and towards a market economy (Lan Li, Chinese economy slides).

Every five years starting in 1953, the Chinese government issued an outline of the countries economic outline for the next five years. The First Five-Year Plan followed the Soviet model, which focused on stimulating economic growth by developing heavy industry such as mining and iron/steel manufacturing. The plan was effective, but because of China's late start it caused them to fall back behind other industrial nations. Mao mobilized the Chinese people to speed up the process of industrialization in order to catch up with the other nations. Mao needed to change direction but he faced disapproval with the Chinese Communist Party because of his massive failing for the Great Leap Forward. Mao became concerned that China was moving away from socialist ideals to capitalism.

China’s economic position has changed greatly, particularly over the last 50 years. Mao Zedong, leader of China at the time, introduced a new method for improving China, often referred to as the 5 year plans. These plans, as the name may suggest, were used for five years, and had a main focus attached.

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

Nowadays, China has become the second largest economy in the world. The GDP (gross domestic product) of china was growing at 9.7% per year in average since 1978, which the year of Chinese “open door” politic founded. China also has become the biggest producer and consumer in many key agricultural and industrial markets and the largest FDI recipient among the developing countries. The performance of china in developing of economy is called “china’s economic miracle”, which be studied by many economists. However, there are also bad results with the development of economy in china such as environment disruption, corruption and

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.

The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.

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.

Globalisation is the process of global economic, political and cultural integration performed through deterioration of protectionist policies to result in growth of international trade, investment and capital flows. The globalisation phenomenon is playing increasingly important role in advanced, emerging and developing economies in affecting domestic industries. Although globalisation has positively impacted Australia and China, counties such as Zimbabwe have faced increased discrepancies in income inequality and poverty levels and caused disruptive structural changes. Through implementing policy reforms from 1970s to 1990s, China’s microeconomic and macroeconomic policies have attracted globalisation resulting in economic growth and development, however the government has to face

The Chinese government has embraced a series of strategic policies to address the challenge of economic globalization. These strategies started in 1978 after Chairman Mao’s self-sufficient economy plan. China began employing several reform strategies to enhance growth. This included stimulating the agricultural sector to allow them to sell a percentage on the free trade market yet hold a competitive position. In addition to this citizens were given money incentives and tax breaks in order to start new businesses and allocated regions were created to encourage high levels of investment, increase exports and increase technology levels.

With a gross domestic product (GDP) calculated at the equivalent of $11.06 trillion and an average growth rate of 1.84 percent, China has the potential to surpass the United States' economy by the year 2030 (citation 1). China's rapid GDP growth is caused mainly by state investment, high exportation, and successes with e-commerce (citation 2). However, China was not always a country eager to open its doors to economic opportunity. Instead, the government strove to maintain self-dependency and to limit influence from other countries. Through the decades of isolation, many countries attempted to gain trade relations with China. These attempts usually were unsuccessful. It wasn't until the late twentieth century until China began forming the economic

China is a growing country; its population is about 1.4 billion, and as of 2014, the Chinese economy is the world’s second largest (in terms of nominal GDP,) totaling approximately US$10.380 trillion, with a growth rate of 7.4%, and the GDP per capita is US$3,619.4. From last century to this century, China has had significant improvements in their economic development. China had been in three major crises during the last century: the 20th century. The Fall of Qing Dynasty, World War II, and Civil War in China, all of them struck China in a destructive way. From the end of the 20th century, China was in a fast-developing mode.

In addition to creating a communist society, Mao wished to strengthen and develop China’s economy, although his level of success in this area is debatable. Immediately after victory in 1949, Mao began to nationalise and centralise all private industry. In 1953, the first of the Five Year Plans, based on the soviet economic model began. The emphasis was on growth and heavy industrial development, utilising sensible economic policy. In economic terms, the first Five Year Plan was relatively

The purpose of this essay is to show how the economy of China has, and is changing, becoming the second largest economy in the world today. Although China is currently under the leadership of Xi Jinping, this essay will concentrate primarily on the actions undertaken by then President Mao Zedong, followed by then President Deng Xiaoping, (sans mention of Hua Guofeng). Given the relative infancy of Xi’s assumption of power, economic policies still remain largely rhetorical in form. Likewise, the majority of literature concerning economic policies under Xi are largely speculative, often citing strategies and ambitions as opposed to thereby, lacking a solid basis for rational induction In addition to China’s lack of transparency, In addition, it will be shown that the methodology behind the Chinese economy demonstrates the implementation of varying levels of the characteristics associated with the schools of Realism, Marxism and Liberalism. Thus, China’s approach to global trade in the 21st Century is pluralistic, testamentary to the failed economic