China's Economy

Main

China is the poorest and most underdeveloped country in the world.

11/01/1949

90% live in the countryside and in poverty

11/01/1949

People move from the countryside to the cities

1950

99% of the economy is owned by the state

11/01/1956

The Government begin to push for industrialisation but productivity is low

11/01/1956

Cultural revolution

1966

China begins to prosper

11/01/1978

Foreign investment is allowed

11/1/1978

Mantra of “To get rich is glorious”

1979

Establishment of the 4 modernisations

1979

Incentives are introduced to try and make farmers more productive

1980

More food is produced

1980

Coca Cola set up a joint venture in China

1980

More opportunity for people to work in factories and small businesses

1980

SEZs set up to encourage factory production

1980

By now half the population are considered poor

1981

Shenzhen is transformed from fishing village to city of 8 million

1984

China joins the WTO

2001

71% of China’s economy was in private hands

2003

Retail sales on China more than doubled

2005 - 2009

Safety concerns prompt need for safety measures

2007

World leader in car manufacture building 9.3 million cars,

2008

Economy continues to grow

2008

Factories close and workers return to villages

2008

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

2010

80% of pirated goods come from China

2012

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

2012

Most state-owned enterpises are inefficient and fail to make a profit.

2012

State ownership is now restricted to heavy industry

2012

Most state-owned enterprises are inefficient and fail to make a profit.

2012

Expected that 60% of people will live in cities

2032

Leaders

Mao

11/01/1949 - 11/02/1976

Deng

11/03/1978 - 11/04/1992

Jiang

11/01/1993 - 11/02/2003

Hu

11/01/2004 - 11/02/2012