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