The Chinese Economic System
Goods and services produced. Machinery and electrical equipment: billion U.S. dollars were exported. Garments and accessories: billion U.S. dollars were exported. High-tech products: billion U.S. dollars were exported. Textile raw materials and products: billion U.S. dollars were exported.
How goods and services are produced. Most positions of significant power are occupied by members of the Communist Party of China which is controlled by the Politburo Standing Committee of the Communist Party of China, a group of 4 to 9 people, usually all older men, who make all decisions of national significance, including how to produce goods and services.
Who the goods and services are produced for. The communist party of China makes most decisions dealing with the countries good and service production.
China’s economic development timeline 1984: 14 coastal cities are completely opened to foreign investment. 1986: Deng Xiaoping boosts "Open-door" policy to encourage Foreign Direct Investments 1988: Excessive economic growth with corruption and out-of-control inflation of 18.5% 1989, Dec.: Stock markets are opened in Shanghai and Shenzhen. : The process of restructuring and / or closing of state-owned enterprises is accelerated. : The process of restructuring and / or closing of state-owned enterprises is accelerated. 1992: Deng Xiaoping accelerates market reforms to establish a "socialist market economy". 1992: Deng Xiaoping accelerates market reforms to establish a "socialist market economy".
Timeline Continued 1995: Overheating of the economy: 17% Inflation rate. 1995: Overheating of the economy: 17% Inflation rate. : Slow-down of the Chinese economy - partly due to Asian Financial Crisis 2001, Nov.: After years of negotiations, China becomes a member of the World Trade Organization 2006, Jan.: CNOOC, one of China's largest oil and gas producers buys a stake in a Nigerian offshore oil and gas field. 2008, Nov.: The government announces a $586 billion economic stimulus package. 2009, Feb.: 20 million migrant workers may have lost their jobs in China due to global economic crisis