China 's Economic Development Of China

866 Words4 Pages
With the economic development of China rapidly increasing, China has gradually attracted the attention from the worldwide publicity, state media reports, and it has become one of the important players in the international sphere. In general, economic development and growth has become one of the most significant factors for China’s successes. Historically, there are three main periods since the founding of China, which are after the establishment of the country, the period of the opening policy, and the contemporary period. Each historical period has significant influences for China’s development. Hence, I will illustrate how China’s economics developed so fast from the past to modern, and how its economics affected Chinese society and its own market. Although China has made a lot of great achievements today, China also has undergone internal conflicts, foreign invasion and civil war about forty years before World War II (1939-1945). In 1949, “New China” was established by the Communist revolution, and its adopted socialism economy system, which is a national financial system based on state ownership of capital. After the founding of China, there was a period of economic recovery until 1952. China implemented the First Five-Year Plan from 1953 to 1956, which is an outline for China’s economic goals in the future next five years. The first five Five-Year Plans advocated the Soviet economic model such as state ownership, collective farming, and national economic planning. In
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