China's Economy

Main

90% live in the countryside and in poverty

1949

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

1949

People move from the countryside to the cities

1950

Expected that 60% of people will live in cities

1950

99% of the economy is owned by the state

1956

Cultural revolution

1966 - 1976

99% of the economy is owned by the state

1966 - 1976

99% of the economy is owned by the state

1966 - 1976

China begins to prosper

1976

China begins to prosper

1978

Foreign investment is allowed

1978

Mantra of “To get rich is glorious”

1979

Deng

1979

Coca Cola set up a joint venture in China

1980

More food is produced

1980

More opportunity for people to work in factories and small businesses

1980

Incentives are introduced to try and make farmers more productive

1980

By now half the population are considered poor

1981

Shenzhen is transformed from fishing village to city of 8 million

1984 - 2007

China joins the WTO

2001

Economy continues to grow

2001

state ownership

2004

State ownership is now restricted to heavy industry and most state-owned enterprises are inefficient and fail to make a profit.

Safety concerns prompt need for safety measures

2007

80% of pirated goods come from China

2007

Factories close and workers return to villages

2007

Retail sales on China more than doubled

2008

World leader in car manufacture building 9.3 million cars,

2009

China takes over Japan as the second largest economy in the world

2010