Socialist
Market Economy in China
present economy of China since 2010
energy and mineral resources, coal, oil, natural gas, metallic ores
Market Economy
Planned Economy
Chinas past economy
profits mainly came out of agriculture
Mao Zedongs idea about the great leap failed.
present economy in many western countries
result of economic reforms: change from planned economy to one that works primarily according to market economy
many people suffered badly, millions died
Mao Zedong: Chinese communist revolutionary, founder of the PRC, ruled from 1949 until his death 1976
indispensable metals for many high-tech products made in industrialized countries
fourth largest oil producer on earth
owns 70 percent of global rare earth reserves
world's largest producer of coal
cell phones, hard disk drives, lasers, weapon systems, and batteries for electric cars.
second largest economy on earth after the USA
most financial institutions state-owned
private banks taken over by government
participation in international stock markets
Deng Xiaoping, following president of PRC, changed economy of China
country only profits with another economy, great leap for China