By now half the population are considered poor
90% live in the countryside and in poverty
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
Establishment of the 4 modernisations
1978 - 1992
Mantra of “To get rich is glorious”
1978 - 1992
China begins to prosper
SEZs set up to encourage factory production
More food is produced
Coca Cola set up a joint venture in China
Incentives are introduced to try and make farmers more productive
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
State owned firms have fallen from 300,000 to 150,000.
Economy continues to grow
Expected that 60% of people will live in cities
Safety concerns prompt need for safety measures