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China has always been an important country in the world With its increasing large population it was determined by other countries that is has a lot of economic potentials In just one decade and a half China has transformed itself from a giant that use to live in poverty into a wealthy powerhouse to the world economy With one-fifth of the worlds population China is now producing 4 of world merchandise and a proportion of global production It has also one of the worlds oldest and most influential civilizations China has established three approaches to the world economy and they are establishing an alternative socialist system 1950s isolating itself from the system the 1960s to mid 1970s and participating in the system again from the 1970s Chinas economic system was quite similar to Soviet Unions because it is central planning system However after the 1950s this central planning is broken into regional planning by different provinces in China In anothe r words China has changed from a centrally based country in a regionally based country in which different provinces produces different goods and servies This change has encouraged the development of small enterprises which are the main driving forces of Chinese growth In 1978 China has liberalised its economy and start participating in the world economy With its new market reforms in every sector Chinas door has opened its economic door to foreign investors and freer trade in special economical zones Beginning in 1994 Chinas economic structural reforms have begun new breakthroughs Major changes have been made to sectors like personal enterprises taxation finance foreign investment and foreign trade At the same time the Chinese government is speeding up its establishment of a socialist market economy system Hopefully this socialist market economic system can be in place by 2010 Roy 1-5 Major Structural Reforms Reforms already launched 1 Reform of the state-owned enterprises has been furthered h Some adjustment and reorganisation have been carried out
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