Essay about China 's Economic Growth And Development

1936 Words Aug 23rd, 2016 8 Pages
Since the late 1970s, China has experienced unprecedented economic growth and development. Established in 1949, the People’s Republic of China, under the governance of Mao Zedong and the Chinese Communist Party (CCP) set forth to achieve national unity, social and economic change and freedom from foreign interference (Cienciala, 1999). Mao’s economy was established by 1952, and was a socialist, command economy (Mitter, 2008). Started on the simple principle frequently stated by Deng Xiaoping, ‘poverty is not socialism’, China transitioned from a command economy to a hybridised, market economy from the late 1970s (Fernández, n.d.). These economic reforms can be traced back to the reinstalment of Deng Xiaoping in 1977 (Cienciala, 1999). Commencing in 1978, the reforms attempted to rescind the previous policies of Mao Zedong and to break China’s Soviet-style economic policies (Morrison, 2015). Agriculture, foreign investment and enterprise were given greater autonomy and were run under less extreme socialist measures (Chow, 2004). These reforms, which held the hope of significantly increasing economic growth and raising Chinese living standard, deviated from the previous socialist model and instead, looked to free market principles and saw the opening up of China to trade and investment with the West. As Deng Xiaoping, the architect of China’s economic reforms noted: ‘Black cat, white cat, what does it matter what colour the cat is as long as it catches mice?’ (Morrison, 2015).…

Related Documents