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China 's New Economy For The New Millennium

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China 's New Economy for the New Millennium

Introduction
China has been an enigma for centuries, always one of the world 's most impressive civilizations and cultures known for "outpacing the rest of the world in the arts and sciences" (CIA, 2000; p. ch), often by differences measured not in months or years, but in centuries. China 's fall to communism and the strict dictatorship of Mao Zedong is well documented, as is the economic experimentation instituted by Deng Xiaoping after Mao 's death in 1978.
The economic experiment initially was contained in a single Southeast province easily isolated from the rest of the country. Even though it was limited to a relatively small portion of the country, it resulted in the quadrupling of economic output in 20 years ' time. The government continues to open other areas of the country to foreign investment and capitalistic pursuits, while doggedly holding to the philosophical principles of communism. The resulting scenario is that in China, with the world 's second largest GDP, "political controls remain tight even while economic controls continue to weaken" (CIA, 2000; p. ch).

Today 's Economy
There are several indicators that can be taken at face value and assumed to be highly reliable. Sadly, there are many more that cannot. One of the final sticking points preventing China 's admission into the World Trade Organization (WTO) is that of lack of transparency. Though there are signs that China truly is making real effort to
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