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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.
The term "socialist market economy" was introduced by Jiang Zemin during the 14th National Congress of the Chinese Communist Party (CCP) in 1992 to describe the goal of China's economic reforms. [2] Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy ...
The Chinese economic reform or Chinese economic miracle, [1] [2] also known domestically as reform and opening-up (Chinese: 改革开放; pinyin: Gǎigé kāifàng), refers to a variety of economic reforms termed "socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) that began in the ...
After months of unexplained delay, top officials from China’s ruling Communist Party are gathering in Beijing this week to signal the direction forward for the world’s second largest economy ...
BEIJING (AP) — China’s ruling Communist Party wrapped up a top-level meeting on Thursday by endorsing policies aimed at advancing the country’s technological power and fortifying its ...
China's economy has been growing slightly more slowly than the “about 5%” target leaders set for this year as a prolonged crisis in its real estate sector has weighed on business activity.
Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of “reform and opening up.” Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).