Economic Transition of China - 1069 Words

Two Years after the death of Mao Zedong in 1976, it became apparent to many of Chinas leaders that Economic reform was necessary. By 1978 Chinese leaders were searching for a solution to serious economic problems produced by Hua Guofeng, the man who had succeeded Mao Zedong as CCP leader after Maos death (Shirk 35). As Susan L. Shirk describes the situation in The Political Logic of Economic Reform in China, restoring the CCPs prestige required improving economic performance and raising living standards. After the communist take over the country, Mao contained his emphasis on moral force by demanding that Chinese citizens demonstrate what he referred as correct consciousness. It is noteworthy that shirk feels that the Chinese†¦show more content†¦The United States, especially, has been concerned with Chinas treatment of political dissidents. In May, President Clinton decided to end linking Chinas trade status with the United States with its record on human rights. China is fully aware of United States concerns about its human rights record. Given the fact that the United States has made it clear to China that that record will be allied with trade status, Chinas timing of such restrictive activities has caused United States legislators and administrators to question Chinas sincerity in its desire to have a favored trade status with the United States. China appears not to understand or to be able to follow through on fundamental modern economic practices. Even on a day to day basis, Chinas economic leaders seem unable to understand how some aspects of a market economy work. It is no wonder that Chinese investors become anxious about their investmen ts. The issuance of shares in the Shandong Huaneng Power Development Company also demonstrates the lack of expertise on the part of the Chinese in the modern world market. Certainly, one thing that the CCP has attempted to do is create a market economy while retaining a state controlled system. The lack of a private capital market has handicappedShow MoreRelatedChina s Economic Development Through The Stages Of The Demographic Transition Model And Its Post Transition Conditions881 Words   |  4 PagesChina’s booming economic growth over the past forty or so years is one of the most impressive events to happen in the global economy. The economic transformation of this country is unlike any other transformation. China was by far the most economically and technologically advanced nation almost a millennium ago. However, it started to fall behind in economic growth compare to Western Europe during the time of 1500 and 1800. 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