90% live in the countryside and in poverty
By now half the population are considered poor
China is the poorest and most underdeveloped country in the world.
99% of the economy is owned by the state
The Government begin to push for industrialisation but productivity is low
1966 - 1976
China begins to prosper
Establishment of the 4 modernisations
1978 - 1992
Mantra of “To get rich is glorious”
1978 - 1992
Coca Cola set up a joint venture in China
Incentives are introduced to try and make farmers more productive
More food is produced
SEZs set up to encourage factory production
State owned companies are insuffiecient and fail to make profit.
71% of China’s economy was in private hands.
Retail sales on China more than doubled
2005 - 2009
Shenzhen is transformed from fishing village to city of 8 million
Factories close and workers return to villages
World leader in car manufacture building 9.3 million cars,
80% of pirated goods come from China
Economy continues to grow
State owned firms have fallen from 300,000 to 150,000.
Expected that 60% of people will live in cities
Safety concerns prompt need for safety measures