Chinese Economic Development

CHINESE ECONOMIC DEVELOPMENT

For most of the first three decades of the PRC's existence the country came into being on 1 October 1949 (Paxton, 1988), it adhered strictly to Marxist theory in the management of its domestic economy. Mao Ze Dung's denunciation of market economic theory as being the "capitalist road" (Feuchtwang, & Hussain, 1983, p. 1), did not deter the PRC from following, initially at least, a relatively liberal economic policy with respect to international trade. In the beginning, the PRC was prepared to deal with all other countries, regardless of political orientation, so long as those dealings were mutually beneficial, and as long as no political strings were attached. As time passed, and as western countries, particularly the United States, tended to shun economic intercourse with China, however, the PRC came to rely more heavily on other socialist countries

. . .
t prices established by the market. The goal of the Responsibility System is an increase in incentive for farm families, which, it is hoped, will be translated into an overall increase in agricultural productivity in the PRC. During the first decade of the plan, it has been well received by farm families, and overall agricultural production has increased significantly. Unfortunately, significant price increases also occurred in the open market, and this change was not widely welcomed in the urban areas. The Responsibility System introduced decentralization into the management of the country's agricultural sector. Decentralized planning and control was also introduced into the country's industrial sector. In Chinese industry, not only were production quotas established, but the list of goods which would be produced was also dictated from a central planning authority. Further, industrial enterprises were not permitted to discharge workers on solely on the basis of economic grounds (Clarke, 1984). Under the reform program, minimum production quotas for industry continue to be established on a centralized basis. Now, however, industrial enterprises are provided incentives to exceed these minimum quotas. Industria
. . .

Some common words found in the essay are:
China PRC, Responsibility System, Foreign Participation, Additionally Chinese, Deng Xiaoping', Hu Yaobang, Red Guard, Traditionally Chinese, Ze Dung, CHINA Economic, foreign participation, commercial law, government prc, industrial enterprises, chinese commercial, responsibility system, chinese commercial law, business entities, foreign trade, joint venture, economic readjustments, foreign business entities, industrial enterprises permitted, york pergamon press, business china international,
Approximate Word count = 2631
Approximate Pages = 11 (250 words per page)

More Essays on Chinese Economic Development