Economic Change In China

1355 Words 6 Pages
There is a wide difference between old communist China and the current modern version that is seen today. China has had to switch their economic model in order to stay current and relevant in a very rapid and widely changing economic environment. There are many factors that have lead to the change in Chinas economic model and their all out push for growth and prosperity. The changes in Chinese economic model have also been closely linked to changes in Chinas demographic mode as well.
One big shifting point in Chinas economic model came around 2003 when china was admitted into the Word Trade Organization (WTO). China was responsible for meeting many requirements, restrictions, and changes to then current standing economic practices.
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Deep in the zenith of Communism and at the height of its influence around the world Deng Xiaoping the leader of the Chinese Communist Part (CCP) in 1978 began this reform. Deng shifted past Chinese policy and emplaced a series of economic and political reform that began the push for Chinas market economy. These changes were small but were instrumental especially after the shift in the economic climate; China moved away from direct link to Russia after 1989 and following the 1997 Asian financial crisis, China was catapulted into a more modern streamlined economy. These changes forced Chinese leadership to see increases in individual living standards as key to achieving stability (Wang and Chee, …show more content…
Although China has become the second largest world market; they stay in second because of he weathl of the populace. However China has a population of three times the size of the United States, but the United States population is 7 times wealthier than the average Chinese citizen. China has realized that opening the market and allowing their population to gain wealth can catapult their economy, with the size of Chinas population they can gain major ground on the United States by simply increasing their populaces wealth by three

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