Question
Please respond to this discussion. The topic was socialism. Please, no more than 2 paragrahs China is a socialist economic country. Before the reform and
Please respond to this discussion. The topic was socialism. Please, no more than 2 paragrahs
China is a socialist economic country. Before the reform and opening up in 1978, China was a complete Command economy. We can watch the video of THE GREAT LEAP FORWARD to understand how the command economy system run in China and the tragic result of the system. In this period, the government controlled the means of production and nationalized. Copy the Soviet model and implement the industrial economic model; the direct result was that 30 million Chinese starved to death. In 1978, the government was aware of the imminent need for economic reform and created a Socialist market economic system. With public ownership as the mainstay, various ownership economies develop together. GDP growth (annual %) in THE WORLD BANK data showed China's GDP growth rate grew rapidly from -1.6 in 1976 to 14.2 in 2007. These benefits come from freedom in a part of China's economy but not in important sectors such as energy and finance. For example, currency-free convertibility under the capital account has not been realized in China. It is not difficult to see that the government still controls resources and means of production in important industries. It cannot be called a market economy, although China itself claims to be an economic freedom. Of course, part of the free economy has let the world see the vast growth of China's economy. The world pattern will change if a completely free economy can be truly realized in China.
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