China long March to capitalism
Along with the change in ownership forms, the Chinese economy has grown rapidly over the last twenty years. China's status in the international economic and trading system is also steadily advancing. These achievements have gained international recognition. China refer the program of economic reforms called “ Socialism with Chinese Characteristics” in the People’s Republic of China (PRC) that were started in December 1978 by reformists within the Communist Party of China that led by Deng Xiaoping. The socialist market economy is the economic model employed by the People’s Republic of China. It is a based on state owned enterprise and an open market economy., has its origins in Deng xiaoping’s ideological concept socialism with Chinese characteristics . After the Great Leap Forward (1958–1961) and the ousting of the Gang of Four from power, Chairman Deng Xiaoping was willing to consider market-based methods of economic growth so as to revitalize China's economy and find an economic system compatible with China's specific conditions. However, in doing so, he remained committed to the centralized control and the one-party state central to Leninism. The socialist market economy was a concept first proposed by Deng Xiaoping in order to incorporate the market into the planned economy in the People's Republic of China. Following its implementation, this economic system has supplemented the centrally planned economy in the People's Republic of China, with high growth rates in GDP during the past decades have been attributed to it. Within this model, privately owned enterprises have become a major component of the economic system alongside the central state-owned enterprises and collective / township village enterprises.
How does the transition of China affect their own economy? When chine have transition to market oriented economic system, China's economic growth very rapidly, exceeding the East Asian Tigers....
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