Page 8 - THE SOUTH CHINA BUSINESS JOURNAL
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Economic Reform
in China: Current
Progress and
Future Prospects
Last December marked the 40th anniversary development, we ask which way are
of China’s reform and opening-up policy, reforms heading?
which was launched under the leadership of Deng
Xiaoping at the 1978 Third Plenum. China’s reform and opening-up
This policy jump-started China’s transformation China’s reform and opening-up policies
from a poor and underdeveloped centrally- introduced private business and market incentives
planned economy into an economic powerhouse, to what was a state-led communist system.
increasingly driven by the market. Prior to 1978, the private sector was
virtually non-existent; today,
The anniversary, however, was overshadowed private firms contribute to
by the current challenges in the Chinese approximately 70 percent
economy and uncertainty over the direction of of China’s GDP.
economic reforms.
In 2018, China’s economy grew at the slowest
rate since 1990, and the country became
embroiled in a trade war with the US. At the
same time, the economy has developed
to a point where its established growth
model is no longer tenable.
At this crossroad in China’s
economic
5 AmCham South China
Economic Reform
in China: Current
Progress and
Future Prospects
Last December marked the 40th anniversary development, we ask which way are
of China’s reform and opening-up policy, reforms heading?
which was launched under the leadership of Deng
Xiaoping at the 1978 Third Plenum. China’s reform and opening-up
This policy jump-started China’s transformation China’s reform and opening-up policies
from a poor and underdeveloped centrally- introduced private business and market incentives
planned economy into an economic powerhouse, to what was a state-led communist system.
increasingly driven by the market. Prior to 1978, the private sector was
virtually non-existent; today,
The anniversary, however, was overshadowed private firms contribute to
by the current challenges in the Chinese approximately 70 percent
economy and uncertainty over the direction of of China’s GDP.
economic reforms.
In 2018, China’s economy grew at the slowest
rate since 1990, and the country became
embroiled in a trade war with the US. At the
same time, the economy has developed
to a point where its established growth
model is no longer tenable.
At this crossroad in China’s
economic
5 AmCham South China
