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Brief Overview on Chinese Economy

BACKGROUND

Chinese government had been responsible for planning and managing national economy since 1949, china maintained policies which kept economy very poor, sluggish, centrally controlled, vastly ineffective and relatively isolated from the global economy. Since opening up of the foreign trade and investment and implementing free market reform in 1978 china introduce capital market principles and became market based economy which began to show faster economic development. China became largest manufacturing economy in the world and second largest socialist market economy by GDP and purchase power parity and It was the world’s fastest growing major economy with average growth rate of 10%. During this period Chinese economy grew by 48 times in 1981 .The economy of China was the fastest growing consumer market in the world. Continue reading Brief Overview on Chinese Economy