In the 1950s Chinas Communist government began bringing a majority of economic activity under state control and determining production, pricing, and distribution of goods and services. This system is known as a planned economy, also called a command economy (see Communism: Centrally Planned Economy). In 1979 China began implementing economic reforms to expand and modernize its economy. The reforms have gradually lessened the governments control of the economy, allowing some aspects of a market economy and encouraging foreign investment; however, the state-owned sector remains the backbone of Chinas economy. China refers to this new system as a socialist market In the 1950s Chinas Communist government began bringing a majority of economic activity under state control and determining production, pricing, and distribution of goods and services. This system is known as a planned economy, also called a command economy (see Communism: Centrally Planned Economy). In 1979 China began implementing economic reforms to expand and modernize its economy. The reforms have gradually lessened the governments control of the economy, allowing some aspects of a market economy and encouraging foreign investment; however, the state-owned sector remains the backbone of Chinas economy. China refers to this new system as a socialist market economy. As a result of the reforms, Chinas economy grew at an average annual rate of about 10 percent in the 1980s and 1990s, one of the highest growth rates in the world. However, the reforms also caused problems for Chinas economic planners. Income gaps widened, unemployment increased, and inflation resulted from the extremely rapid and unbalanced development.
The size of Chinas gross domestic product (GDP) makes China a significant economic power; despite this, it remains a low-income, developing country because it must support a huge population of more than 1.3 billion. In 2006 Chinas per capita GDP was just $2,016.10. Industrial activity (manufacturing, mining, and construction) contributed the largest percentage of the countrys GDP, amounting to 48 percent in 2006. Transportation, commerce, and services together accounted for 40 percent. And agriculture, together with forestry and fishing, contributed 12 percent. . As a result of the reforms, Chinas economy grew at an average annual rate of about 10 percent in the 1980s and 1990s, one of the highest growth rates in the world. However, the reforms also caused problems for Chinas economic planners. Income gaps widened, unemployment increased, and inflation resulted from the extremely rapid and unbalanced development.
The size of Chinas gross domestic product (GDP) makes China a significant economic power; despite this, it remains a low-income, developing country because it must support a huge population of more than 1.3 billion. In 2006 Chinas per capita GDP was just $2,016.10. Industrial activity (manufacturing, mining, and construction) contributed the largest percentage of the countrys GDP, amounting to 48 percent in 2006. Transportation, commerce, and services together accounted for 40 percent. And agriculture, together with forestry and fishing, contributed 12 percent.
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