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Chinese Economy

By Jason Bishop Subscribe to RSS | January 9th 2012 | Views:
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The Chinese economy is the 2nd biggest economic system on this planet following the United States when scored by gdp. When it comes to population, The Chinese overall economy stands out as the largest overall economy on Earth with well over 1.3 billion members of society.

The Chinese economy boasts a very profound history since it is among the most ancient states we know. It was also the first economy to utilize paper money a little before 1,000 AD which was used to fund the military. The country’s past is one of substantial civil wars but rich culture. China was controlled by a series of dynasties from 2,000 BC until the recent past. Amongst the majority of the dynasties there were intervals of economic unrest that reeked financial destruction. In the 20th century, China experimented with communism to fix its financial problems.

China's overall economy is identified as being communist. In 1949 Mao Zedong launched the change to communism. Among the initial actions was the socialization of the education. He later on launched the “Five-Year Plan” to attempt to strengthen the country's industrial system and then the “Great Leap Forward” which was a bad attempt to industrialize in a short time. The country continued to have difficulties and stayed strictly communist until some economic changes occurred in 1979 that created a few free market influence. Unfortunately with this step forward in policy it also at this same time period implemented the controversial one child family planning program.

Since 1979, the Chinese overall economy has expanded at a fast pace above Ten percent a year. In 2010 The country overtook Japan as the Second biggest overall economy on Earth. China has its sights set on the top economy, and in all probability they'll attain that goal. China is swiftly making the transformation from an agricultural economic system to an industrial economy. With this improvement, China is positioning themselves with the most effective manufacturing capacity on Earth. China continues to have a lot to conquer with an average GDP per capita below $4,000 a year and a fluctuating inflation rate due to a somewhat unpredictable money. Moreover, China’s overall economy is criticized for encouraging labor mistreatment both of adults and children. Harmful and unfair working conditions is a major problem that has caught the global eye.

Overall, The chinese economy has a strong future. With its huge amount of people and its progressing economic free market, the Chinese economy is poised to transform China into a world superpower. The Chinese economy may possibly meet the power of the U.S. and surpass it within a generation or two.

Jason Bishop - About Author:
For more information about the Chinese economy visit http://china.worldeconomies.org.

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