Economy

China has become prominent for its rapid economic development, becoming the largest global exporter and moving toward a more market-based economy. Over the last several decades, more than 600 million Chinese people have escaped poverty due to post-Cultural Revolution economic modernization policies. In the 1970s, Deng Xiaoping championed an increasing standard of living in China and encouraged social reform to mitigate income disparities. In 2001, China officially joined the World Trade Organization (WTO) and has since seen increased growth in international trade. In 2013, China’s annual trade in goods was upward of $4 trillion for the first time.

 

Due to heightened concern over air pollution, water depletion, soil erosion, and other environmental degradation issues, China’s government has become increasingly focused on renewable energy sources. China has also been facing increasing inflation and a housing bubble facing local governments in particular. The government’s 2011 Five-Year Plan has affirmed commitment to continued economic reform and less reliance on its export industries.

 

Source:

Guoli, Liu. Politics and Government in Chinavv. 1st ed. 2011. Print.