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The Beijing Consensus (Chinese: 北京共识) or China Model (Chinese: 中国模式), also known as the Chinese Economic Model, [1] is the political and economic policies of the People's Republic of China (PRC) [2] that began to be instituted by Hua Guofeng and Deng Xiaoping after Mao Zedong's death in 1976. The policies are thought to have ...
Zhang Weiying, a pro-market economist in China, warned that China risks "common poverty" rather than common prosperity if it pushed too far with state control over the economy. [59] Ren Yi, an online internet commentator who writes under the name "Chairman Rabbit", said that common prosperity will allow China to better adapt to the future of ...
China's legal system is facing the intricate challenges posed by the political and social dynamics resulting from its rapid economic expansion. A significant issue within contemporary China revolves around the treatment of workers within the framework of a capitalist economy operating within a socialist political system. [13]
When the Chinese Communist Party (CCP) came to power in 1949, its leaders' fundamental long-range goals were to transform China into a modern, powerful, socialist nation. In economic terms these objectives meant industrialization, improvement of living standards, narrowing of income differences, and production of modern military equipment.
He wrote that China was a socialist society, but that socialism in China was in its primary stage, [10] a Chinese peculiarity which was due to the undeveloped state of the country's productive forces. [10] During this phase of development, Zhao recommended introducing a planned commodity economy on the basis of public ownership. [10]
The effects of communist rule on living standards have been harshly criticized. Jung Chang stresses that millions died in famines in communist China and North Korea. [164] [165] Some studies conclude that East Germans were shorter than West Germans probably due to differences in factors such as nutrition and medical services. [166]
China’s leadership, which gathered this month to discuss economic targets and policies for next year, has indicated that it will ramp up fiscal and monetary support for the economy.
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is a market economy with the predominance of public ownership and state-owned enterprises. [1] The term "socialist market economy" was introduced by Jiang Zemin during the 14th National Congress of ...