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The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. The speed of China's transformation in this period from one of the poorest countries to one of the world's largest economies is unmatched in history. [1]: 11.
China and other major developing economies by GDP per capita at purchasing-power parity (1990–2013) as the rapid economic growth of China (blue) is readily apparent [107] The Chinese Communist Party (CCP) officially refers to China's economic system as the socialist market economy .
China's economic growth since the reform has been very rapid, exceeding the East Asian Tigers. Since the beginning of Deng Xiaoping's reforms, China's GDP has risen tenfold. [ 107 ] The increase in total factor productivity (TFP) was the most important factor, with productivity accounting for 40.1% of the GDP increase, compared with a decline ...
August data shows China's industrial production slowed to 4.5% year-over-year, from 5.1% in July. With no strong growth stimulus, it's unlikely China reaches its 5% GDP target, economist Yingrui ...
While the U.S. remains the world's largest economy, its growth rate has lagged China's, even as the No. 2 economy has slowed sharply in recent years. Last year, China's GDP expanded by 5.2% ...
The Great Leap Forward was an economic and social campaign within the People's Republic of China (PRC) from 1958 to 1962, led by the Chinese Communist Party (CCP). Party Chairman Mao Zedong launched the campaign to reconstruct the country from an agrarian economy into an industrialized society through the formation of people's communes.
From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching a historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999.
Industrialization of China. The industrialization of China refers to the process of China undergoing various stages of industrialization and technological revolutions. The focus is on the period after the founding of the People's Republic of China where China experienced its most notable transformation from a largely agrarian country to an ...