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Economic Reform In The People's Republic Of China
The Chinese economic reform or reform and opening-up (), known in the West as the opening of China, is the program of economic reforms termed "Socialism with Chinese characteristics" and " socialist market economy" in the People's Republic of China (PRC). Led by Deng Xiaoping, often credited as the "General Architect", the reforms were launched by reformists within the Chinese Communist Party (CCP) on December 18, 1978, during the " Boluan Fanzheng" period. The reforms went into stagnation after the military crackdown on 1989 Tiananmen Square protests, but were revived after Deng Xiaoping's Southern Tour in 1992. In 2010, China overtook Japan as the world's second-largest economy by nominal GDP and in 2017 overtook the United States by becoming the world's largest economy by GDP (PPP). Prior to the reforms, the Chinese economy was dominated by state ownership and central planning. From 1950 to 1973, Chinese real GDP per capita grew at a rate of 2.9% per year on average, al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomic Reform
Microeconomic reform (or often just economic reform) comprises policies directed to achieve improvements in economic efficiency, either by eliminating or reducing distortions in individual sectors of the economy or by reforming economy-wide policies such as tax policy and competition policy with an emphasis on economic efficiency, rather than other goals such as equity or employment growth. "Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency. Microeconomic reform in Australia Microeconomic reform dominated Australian economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GDP (PPP)
GDP (PPP) means gross domestic product based on purchasing power parity. This article includes a list of countries by their forecast estimated GDP (PPP). Countries are sorted by GDP (PPP) forecast estimates from financial and statistical institutions that calculate using market or government official exchange rates. The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as the European Union and Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities. GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real differences in per capita income. It is however limited ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chengbao System
In the People's Republic of China, the Chengbao system () refers to the private or individual contracted operation of public assets such as bus lines, hospitals, and schools. These operators pay a fee as well as a percentage of profit generated to the state. It is regarded as a form of intrapreneurship. History The Chengbao system was first introduced during the land reform in China. In order to get around Maoist-era laws prohibiting land ownership, land was "chéng bāo" or contracted to the public, such as to individual peasants by the state. The system was quickly expanded to include many other assets. Today in China, many public assets and public service companies such as hospitals, schools and even auto companies are contracted out to private operators who operate it with a profit motive in mind but return operating expenses and profit to the government. This has the advantage of creating extra value to the contractor, generates funding for the state and public, and improves se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatization
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised (which may also be known as "franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management. Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Direct Investment
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control. The origin of the investment does not impact the definition, as an FDI: the investment may be made either "inorganically" by buying a company in the target country or "organically" by expanding the operations of an existing business in that country. Definitions Broadly, foreign direct investment includes "mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations, and intra company loans". In a narrow sense, foreign direct investment refers just to building new facility, and a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. FDI is the sum of equity capital, long-term capital, and short-term capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Farming
Collective farming and communal farming are various types of, "agricultural production in which multiple farmers run their holdings as a joint enterprise". There are two broad types of communal farms: agricultural cooperatives, in which member-owners jointly engage in farming activities as a collective, and state farms, which are owned and directly run by a centralized government. The process by which farmland is aggregated is called collectivization. In some countries (including the Soviet Union, the Eastern Bloc countries, China and Vietnam), there have been both state-run and cooperative-run variants. For example, the Soviet Union had both kolkhozy (cooperative-run farms) and sovkhozy (state-run farms). Pre-20th century history A small group of farming or herding families living together on a jointly managed piece of land is one of the most common living arrangements in all of human history, having co-existed and competed with more individualistic forms of ownership (as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maoism
Maoism, officially called Mao Zedong Thought by the Chinese Communist Party, is a variety of Marxism–Leninism that Mao Zedong developed to realise a socialist revolution in the agricultural, pre-industrial society of the Republic of China and later the People's Republic of China. The philosophical difference between Maoism and traditional Marxism–Leninism is that the peasantry is the revolutionary vanguard in pre-industrial societies rather than the proletariat. This updating and adaptation of Marxism–Leninism to Chinese conditions in which revolutionary praxis is primary and ideological orthodoxy is secondary represents urban Marxism–Leninism adapted to pre-industrial China. Later theoreticians expanded on the idea that Mao had adapted Marxism–Leninism to Chinese conditions, arguing that he had in fact updated it fundamentally, and that Maoism could be applied universally throughout the world. This ideology is often referred to as Marxism–Leninism–Maoism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mao Zedong
Mao Zedong pronounced ; also Romanization of Chinese, romanised traditionally as Mao Tse-tung. (26 December 1893 – 9 September 1976), also known as Chairman Mao, was a Chinese communist revolutionary who was the List of national founders, founder of the People's Republic of China (PRC), which he led as the chairman of the Chinese Communist Party from the Establishment of the People's Republic of China, establishment of the PRC in 1949 until Death and state funeral of Mao Zedong, his death in 1976. Ideologically a Marxist–Leninist, his theories, military strategies, and political policies are collectively known as Maoism. Mao was the son of a prosperous peasant in Shaoshan, Hunan. He supported Chinese nationalism and had an anti-imperialist outlook early in his life, and was particularly influenced by the events of the Xinhai Revolution of 1911 and May Fourth Movement of 1919. He later adopted Marxism–Leninism while working at Peking University as a librarian and bec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Republic Of China
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The territories controlled by the ROC consist of 168 islands, with a combined area of . The main island of Taiwan, also known as ''Formosa'', has an area of , with mountain ranges dominating the eastern two-thirds and plains in the western third, where its highly urbanised population is concentrated. The capital, Taipei, forms along with New Taipei City and Keelung the largest metropolitan area of Taiwan. Other major cities include Taoyuan, Taichung, Tainan, and Kaohsiung. With around 23.9 million inhabitants, Taiwan is among the most densely populated countries in the world. Taiwan has been settled for at least 25,000 years. Ancestors of Taiwanese indigenous peoples settled the island aroun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chiang Kai-shek
Chiang Kai-shek (31 October 1887 – 5 April 1975), also known as Chiang Chung-cheng and Jiang Jieshi, was a Chinese Nationalist politician, revolutionary, and military leader who served as the leader of the Republic of China (ROC) from 1928 to his death in 1975 – until 1949 in mainland China and from then on in Taiwan. After his rule was confined to Taiwan following his defeat by Mao Zedong in the Chinese Civil War, he continued to head the ROC government until his death. Born in Chekiang (Zhejiang) Province, Chiang was a member of the Kuomintang (KMT), and a lieutenant of Sun Yat-sen in the revolution to overthrow the Beiyang government and reunify China. With help from the Soviets and the Chinese Communist Party (CCP), Chiang organized the military for Sun's Canton Nationalist Government and headed the Whampoa Military Academy. Commander-in-chief of the National Revolutionary Army (from which he came to be known as a Generalissimo), he led the Northern Expedition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has a Demographics of South Korea, population of 51.75 million, of which roughly half live in the Seoul Capital Area, the List of metropolitan areas by population, fourth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its Gojoseon, first kingdom was noted in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea into Unified Silla, Silla and Balhae in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalist
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include ''laissez-faire'' or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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