China's Economy

Mao 1945-76

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

1949

90% live in the countryside and in poverty

1949

Less than 13% live in cities

1950

Productivity is low, but push for industrialization

1956

99% of the economy is owned by the state

1956

99% of economy owned by the state.

1956

Cultural revolution

1966

Deng 1973-92

4 modernizations

1974

China began to prosper

1979

'To get rich is glorious'

1980

Coca Cola set up a joint venture in China

1980

Change to allow foreign investment.

1980

More food produced

1981

Incentives introduced to encourage farmers.

1981

More opportunities for people to work in factories

1983

SEZ's intoduced to Shenzhen

1984

Jiang 1993-2003

71% of economy in prvate hands

1993

China began importing oil to fulfil its needs

1993

Economy starts to grow

1997

China joined the WTO

2001

Hu 1993-2012

Chinese intruduced new measures to counter piracy

2007

Estimated that over 80% of all pirate goods come from China

2007

World leader in cars

2009

China became the 'factory of the world'

2009

Economy has grown at a steady 10%

2011

Over 40% live in cities

2011

Expected to match USA's demand for oil in 2030

2030