China's Economy

Mao 1945-76

90% live in the countryside and in poverty

1949

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

1949

Less than 13% live in cities

1950

99% of economy owned by the state.

1956

99% of the economy is owned by the state

1956

Productivity is low, but push for industrialization

1956

Cultural revolution

1966

Deng 1973-92

4 modernizations

1974

China began to prosper

1979

Change to allow foreign investment.

1980

Coca Cola set up a joint venture in China

1980

'To get rich is glorious'

1980

Incentives introduced to encourage farmers.

1981

More food produced

1981

More opportunities for people to work in factories

1983

SEZ's intoduced to Shenzhen

1984

Jiang 1993-2003

China began importing oil to fulfil its needs

1993

71% of economy in prvate hands

1993

Economy starts to grow

1997

China joined the WTO

2001

Hu 1993-2012

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

2007

Chinese intruduced new measures to counter piracy

2007

China became the 'factory of the world'

2009

World leader in cars

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