when did china transition to a market economy
Chinese economic reform Economic reforms introducing market principles began in 1978 and were carried out in two stages. The first stage, in the late 1970s and early 1980s, involved the decollectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start businesses. However, most industry remained state-owned. The second stage of reform, in the late 1980s and 1990s, involved the privatization and contracting out of much state-owned industry and the lifting of price controls, protectionist policies, and regulations, although state monopolies in sectors such as banking and petroleum remained. The private sector grew remarkably, accounting for as much as 70 percent of China's gross domestic product by 2005.[5] From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year. The conservative Hu-Wen Administration more heavily regulated and controlled the economy after 2005, reversing some reforms.[6]
Classic car Cars 20 years and older typically fall into the classic class.
History of the People's Republic of China The history of the People's Republic of China details the history of mainland China since October 1, 1949, when, after a near complete victory by the Communist Party of China (CPC) in the Chinese Civil War, Mao Zedong proclaimed the People's Republic of China (PRC) from atop Tiananmen. The PRC has for several decades been synonymous with China, but it is only the most recent political entity to govern mainland China, preceded by the Republic of China (ROC) and thousands of years of imperial dynasties.
China and the World Trade Organization China became a member of the World Trade Organization (WTO) on 11 December 2001. The admission of China to the WTO was preceded by a lengthy process of negotiations and required significant changes to the Chinese economy. It signified China's deeper integration into the world economy.[1]