China's changing Economy

Main

90% live in the countryside and in poverty

1949

China is the poorest and most undeveloped country in the world

1949

Expected that 60% of people will live in cities

1950

People move from the countryside to the cities

1950

99% of the economy is owned by the state

1956

Cultural revolution

1966 - 1976

China begins to prosper

1978

Establishment of the 4 modernisations

1979

Mantra of “To get rich is glorious”

1979

incentives are produced to try and make China more productive

1979

People move from the countryside to the cities

1980

More opportunity for people to work in factories and small businesses

1980

More food is produced

1980

Coca Cola sets up a joint venue in China

1980

Half the population are considered poor

1981

Foreign investment is allowed

1984

The Government begin to push for industrialisation but productivity is low

1984

SEZs set up to encourage factory production

1984

Shenzhen is transformed from fishing village to city of 8 million

1984 - 2007

Economy continues to grow

1990

China joins the WTO

2001

71% of China’s economy was in private hands.

2003

State owned firms have fallen from 300,000 to 150,000.

2003

State ownership is now restricted to heavy industry

2004 - 2008

Safety concerns prompt need for safety measures

2007

80% of pirated goods come from China

2007

Factories close and workers return to villages

2008

World leader in car manufacture building 9.3 million cars

2008

Retail sales in China more than doubled

2008 - 2009

China takes over Japan as the second largest economy in the world

2010

Leaders

Mao

1945 - 1976

Mao's reign over China

Deng

1979 - 1992

Jeng

1993 - 2003

Hu

2004 - 2012