The Economy of China

Salient Features:Economic system in transition, cautiously moving away from Soviet-style central planning and gradually adopting market economy mechanisms and reduced government role. Industry, largely based on state and collective ownership, marked by increasing technological advancements and productivity. China's people's communes (see Glossary) eliminated by 1984--after more than twenty-five years--and responsibility system (see Glossary) of production introduced in agricultural sector. …