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When the People's Republic of China was first established in 1949, it maintained a carefully planned centralized command economy, similar to many other communist states at the time. In a command economy, the government of China directed and controlled the majority of the economic progress, setting production goals, price limits, and controlling resources.
However, in 1978, Den Xiaoping took over as Chairman after Mao Zedong's death. Xiaoping instigated many economic reforms in China, initially targeting the agrarian market. For the first time since the state's establishment, farmers were allowed to sell their produce in the free market for their own monetary gain and at their own prices.
During the 1980's, Xiaoping's reforms continued to transform China's economy. Several changes were made in order to attract more foreign investments, and the government made an enormous effort to reach the ideal "more export than import" trade imbalance. Agricultural exports more than doubled, and tariffs were lowered to allow the importation of high-end technology from foreign markets.
A major reform was enacted in the middle of the 1980's when the government opted to eliminate many of the state-controlled prices on a variety of products. This gave China a considerable push in the direction of a free market economy.
Many economists, however, contend that China has not yet reached the full definition of a market economy. In 1993, Beijing's leaders approved another long-term reform that allowed the state to continue to dominate many key industries in China. Because of this, economists have coined the term "socialist market economy" to describe China.
What else can I help you with?
What are some examples of Economy?
Job Oppurtunities, stock market(the stock market does not play a big role in the economy but as far as moral support for the people it can either better the economoy or strengthen the economy), health services, and transportation
What does diverse economy mean?
A diverse economy is an economy based on more than one thing. So there is a great deal of diversity as far as products , goods and services as well as vendors.
What is the Economy of China?
China makes stuff; hence the term "Made in China" They mostly import raw materials from other countries (Australia) such as cotton, iron and copper, then make it into products such as clothing & electronics. These manufactured goods are then often sold back to the countries who supplied the raw material (it's too expensive for them to make their own stuff: far cheaper to make it with cheap Chinese labour!)
What is one negative feature of free market economy?
No one is really in charge, so it's insecure and uncertain.
What type of economic system does China have?
China once had a socialist, planned economy where the government (one party) controlled and owned all the means and methods of production. China currently has a very strange mix of socialist, capitalist, and communist ideas for their economy. It is unique in the world, and often really defies categorization. While many capitalist ideas are in place, several core tenets of capitalism do not exist (sanctity of contracts, private property ownership). Likewise, far too many communist ideas are being ignored (allowing private collection of wealth, private ownership of external (foreign) investments allowed) for it to be considered Communist.
What kind of gvernment does hina have?
If the letter C has been left off, here is the answer on what kind of government does China have? China has a communist government. Unlike the normal description of what such a government consists of, China's leaders have altered their version of Communism that is radically different for many decades since China became a communist nation. What the communist leaders have done is to allow certain sectors of the Chinese economy to become a "free market" economy complete with a major securities market in Shanghai. China's experiment in free market economics has helped their economy grow far beyond anyone's expectations. So with that said, it cannot be denied that China has a Communist government, it's a "different" kind of communism.
What are some examples of Economy?
Job Oppurtunities, stock market(the stock market does not play a big role in the economy but as far as moral support for the people it can either better the economoy or strengthen the economy), health services, and transportation
What is the capital in the world?
As far as political power goes, the United States is. As far as economy, it could either be the United States, or perhaps China.
Which country has the largest internet market?
China, by far. bigger than the 2nd and 3rd combined.
How closely does the economy in Canada follow the economy in the US?
The Canadian economy shadows the American economy but to a lesser degree. Due to Canada relying on American imports and exports there was a large change in cross-border cash flow which affected the Canadian economy. There are items such as the housing market which are far stronger in Canada.
How did Ancient China come in contact with the outside world?
Ancient China was actually very isolated from the rest of the world and it typically has been until market reforms, as far as trade it was either done through the black market or with a strict eye on the traders which were typically rare to find.
Best econimic country in the world?
Currently, the two best economies in the world are the Indian and the Chinese economy. China has seen the fastest economic boom, but India is not far behind. In fact, projections show that India will be the fastest growing economy in about 10 years and may even surpass China in terms of GDP.
How is the real estate market in Houston responding to the changes in the economy?
The Houston Real Estate market has been on the rebound ever since the economy has started to return to normal. This has outpaced other areas of the country. Houston is still struggling and is far behind the market peak in 2007. While Texas real estate was never as inflated as Nevada or Florida, it is still lagging as of 2010.
How has Commedia Dell art evolved so far?
It evolved in the late eighteenth century into forms such as vaudeville.
How were steamboats from 1922 evolve?
the steamboats evolved in lots of ways. It has especially evolved as far as style, look, and color. Also how far of a distance they can travel in one day.
How far is china from America?
as far as the east is from the west.
Is England in China?
No it is not because China is far away from England
