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China’s ‘Socialist Market Economy Essay

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MBS 541
                    Contemporary China

In what way can China’s ‘socialist market economy ‘ be regarded as successful and to what extent is it not achieving its promise?

Name: Anja Madzarac                     StudentID: 3161463
Lecturer: Yingchi Chu                     Date submitted: 20/10/2011

Contents page

1. Introduction…………………………………………………………………4

2. Background of China’s reforms from 1978 on wards ………………6

3. Characteristics of the Socialist market economy…………………….9

4. Reasons why China’s Socialist market economy is successful…..11

5. Political and economic problems………………………………………..13

6. Conclusion…………………………………………………………………...15

7. Reference……………………………………………………………………..16

1. Introduction

China is the vast country with more than 1,3 billion people, GDP of US$ 5,745.13 billion in 2010 and forecast are that it will grow to US$ 9,982.08 billion by 2015.China is the second largest economy in the world, but with average GDP growth of 8% in the last 20 years, it’s certain that China will very soon become a leader on the market. China’s economy is enormous and every year it is expanding even more rapidly. Although, China’s socialist market economy, like any other economy in the world is not perfect. China is struggling with many political and government problems, which have a negative influence on economy and social development. Corruption, problems with changing state- owned enterprise and disparity gap between rich and poor, are the biggest problems that China is facing in the moment.

After Mao’s death in 1976 China started with reforms to rejuvenate every part of society, which were destroyed and undeveloped during the Mao’s era. China’s main goal was to change her centrally planned economy to the open economy. The first thing on which CCP needed to focus was agriculture. The ‘Great Leap Forward’ was the cause for undeveloped of China’s agriculture, and authorities were trying to find the best way how to recover...

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