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Industrialization In China

825 Words4 Pages

With a long history in the world, China had been relying on traditional agriculture industry before 1949, which was the year of the formation of Socialist Era in China. Intensive human labour was deployed to farmlands with high productivity and Chinese agricultural technology used. Trade of crops in the markets began the society economy in China.

During 19th Century, sea trades began between China and the West, mostly silk, tea leaves and porcelain products to Europe with an exchange of silver. With the inflow of silver from Europe, the money supply was expanded in China. After the collapse of Qing government in 1911, the modern economy in China was built and foreign investment was gradually accepted. However, after the Sino- Japanese war, …show more content…

However, while most of the labour workforce was still farmers and located in rural areas, the impact of industrialization to change the overall economy in China upward was little.

China’s civil war between Communist and Nationalist parties started in 1940s, mass disruption of labour in the country that further slowed down the growth of economy until the set up of People’s Republic of China in 1949. The leader by then developed a socialist economy which was directly controlled by the government, metals related sector was the main focus of the economy as to align with the technology and economy reformation direction from the Soviet Union.

Socialism dominated the economy growth in China for the next few decades and the Communist Party government allocated resources to specific industrial sectors and controlled prices directly due to the Maoist ideology and direction. Factory products were unreasonably expensive due to limited supply and farm products were comparatively cheap due to no demand existed. The Socialist Party government controlled the trade between households and state-enterprises, being the monopolist in the …show more content…

The change of economic policies have gained a significantly improvement in government planning and interest in foreign investment was greatly increased, especially in special economic zones with taxes and regulations exempted in which they became one of the key factors to push the growth of the national economy in China in early 1990s.

In 2000s, structural change and globalization meant large-scale privatization continued, Chinese government reduced trade barriers and tariffs with foreign countries in order to increase international trade and more foreign investment in China. Furthermore, China became the member of World Trade Organisation in December 2011 and the economic system consisted of more than 50% of GDP contributed by private sector in 4 years time, first time to surpass Japan, which was the largest economy in Asia by

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