scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 817
Introduction Beginning in late 1978 the Chinese leadership has been trying to move the economy from a sluggish Soviet-style centrally planned economy to a more market-oriented economy but still within a rigid political framework of Communist Party control To this end the authorities switched to a system of household responsibility in agriculture in place of the old collectivization increased the authority of local officials and plant managers in industry permitted a wide variety of small-scale enterprise in services and light manufacturing and opened the economy to increased foreign trade and investment The result has been a quadrupling of GDP since 1978 CIA 1998 Agricultural output doubled in the 1980s and industry also posted major gains especially in coastal areas near Hong Kong and opposite Taiwan where foreign investment helped spur output of both domestic and export goods On the darker side the leadership has often experienced in its hybrid system the worst results of socialism bureaucracy lassitude corruption and of capitalism windfall gains and stepped-up inflation Beijing thus has periodically backtracked retightening central controls at intervals In 1992-97 annual growth of GDP accelerated particularly in the coastal areasaveraging about 10 annually according to official figures CIA 1998 This purpose will analyze the efforts of Chinas government to restore its economy to a more performing one in spite of many challenges Chinas Economy An Overview Over the past 10 years Chinas GDP has grown at an average annual rate of nearly 10 Some economists have speculated that China could become the worlds largest economy at some point in the near future However future economic growth will likely depend on the ability of the Chinese government to make significant new reforms Chinese officials have recently announced major new initiatives to reform money-losing state-owned enterprises and Chinas banking system It remains to be seen whether such reforms will be implemented on a wholesale or piecemeal level Yifu 1998 Chinas emergence as a global economic and trade power has
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA