The Rise Of The Chinese Economy

1441 Words6 Pages
Throughout the world, there are many nations and regions that have undergone immense changes to reach their modern positions in the international economy. One such location is China, which experienced a major shift from a society revolved around independent sustenance in the agricultural industry into a society revolved around socialism, direct funding for the Chinese government through the Chinese people, and the mass-production of goods with high demand in the global market by co-operatives. Of course, the changes in the workings of the Chinese economy developed from the changes in the politics of China. On the 1st of October 1949, The People’s Republic of China was founded in Beijing. The founding of the party both marked the end of what is today considered by historians the most profound revolutionary upheaval in modern history, in which the Guomindang Party rose to power in China, issued many different currencies, and was unable to control inflation, food shortages, and exponentially occurring price fixations; as well as the beginning of the tides of socialism in China in the 20th century, which caused the contemporary Chinese economic transformation. The Chinese economic transition from a centrally-planned economy and agrarian society to a market economy and unified, socialist society was ultimately caused by the three Five-Year Plans adopted by the growing Chinese Communist Party, which were stable and beneficial outlines for the Chinese regime because they developed
Get Access