According to the CIA-World Fact Book, China’s economy can be classified as a socialist market economy that has grown rapidly following economic reforms put in place in the late 1970s that aimed at generating growth in investment, consumption, and standards of living. Some of the reforms included phasing out collectivized agriculture, the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment. As a result of these gradually implemented reforms, over these past thirty years China has been the fastest-growing major nation, and China’s economy now is, after the United States’ and Japan’s, the third largest in the world with a 2008 nominal GDP of US$4.4 trillion, according to the International Monetary Fund. In the past thirty years, the country’s per capita......
Join Now or Login to view the rest of this paper.
Approximate Word Count: 653
Approximate Pages: 3 (260 words per double-spaced page) |