China's Economy

Main

The Government begin to push for industrialisation but productivity is low

1956

99% of the economy is owned by the state

1956

By now half the population are considered poor

1956

Cultural revolution

1969

China begins to prosper

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

Coca Cola set up a joint venture in China

1980

Foreign investment is allowed

1980

More opportunity for people to work in factories and small businesses

1980

More food is produced

1980

SEZs set up to encourage factory production

1980

Economy starts to grow

1998

China joins the WTO

2001

71% of China’s economy was in private hands.

2003

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

2004

Retail sales on China more than doubled

2005

Safety concerns prompt need for safety measures

2007

Shenzhen is transformed from fishing village to city of 8 million

2007

80% of pirated goods come from China

2007

Global economic slowdown

2008

Economy continues to grow

2008

Factories close and workers return to villages

2008

World leader in car manufacture building 9.3 million cars,

2008

state ownership only heavy industries fail to prosper

2009

40% of people live in cities

2011

Expected that 60% of people will live in cities

2032

Leader

Mao

1949 - 1976

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

1949

90% live in the countryside and in poverty

1949

Deng

1979 - 1992

Jiang

1993 - 2003

Hu

2004 - 2012