Changes

==Economy ==

==Economy ==

Under the CCP's model of ''Socialism with Chinese characteristics'', as in all socialist societies, there are no safeguards, guarantees, or protection of property rights.  Hence, there is no [[private sector]] in China.  While certain successful [[entrepreneur]]s are allowed to benefit and profit from their work or business, and even become extremely wealthy by Western standards, the state reserves the right to expropriate and take control of any person, business, or enterprise at any time.  While foreign investment in recent decades has been attracted to China because of its large domestic market and cheap labor cost, foreigners are prohibited from owning more than 49% of any business and must have a 51% Chinese controlling partner who is subject to Chinese Communist law and expropriation of property rights.

Under the CCP's model of ''Socialism with Chinese characteristics'', as in all socialist societies, there are no safeguards, guarantees, or protection of property rights.  Hence, there is no [[private sector]] in China.  While certain successful [[entrepreneur]]s are allowed to benefit and profit from their work or business, and even become extremely wealthy by Western standards, the state reserves the right to expropriate and take control of any person, business, or enterprise at any time.  While foreign investment in recent decades has been attracted to China because of its large domestic market and cheap labor cost, foreigners are prohibited from owning more than 49% of any business and must have a 51% Chinese controlling partner who is subject to Chinese Communist law and expropriation of property rights.

During the Post-Maoist Reform era after 1978, China introduced a system known as capitalist management of socialism, which it operates under today.  China is not a true market economy, as the key resources, such as land, is not privately owned; the so-called collective ownership is still de facto government ownership. Moreover, in the Communist Regime's Constitution, Mainland China is still officially a Communist country.  

During the Post-Maoist Reform era after 1978, China introduced a system known as capitalist management of socialism, which it operates under today.  China is not a true market economy, as the key resources, such as land, is not privately owned; the so-called collective ownership is still de facto government ownership. Moreover, in the Communist Regime's Constitution, Mainland China is still officially a Communist country.  

 

In 1985, based on [[IMF]] data,<ref>https://www.imf.org/en/Publications/SPROLLs/world-economic-outlook-databases</ref> China was the eleventh largest economy, with a GDP of $313 billion, below the United States, Soviet Union, Japan, Germany, United Kingdom, France, Italy, Canada, Spain, and the Netherlands. China quickly got to tenth in 1990, with its $398 billion. China managed to get to eight in just five years, with a GDP of $737 billion. However, during this time, the Russian economy was collapsing, which meant that China went to seventh. The Italian economy got overtaken by the Chinese economy of $1.215 trillion in 2000. However, China nearly tied France and England around the $2.5 trillion mark. When the [[2008 financial crisis]] hit America and Europe, China boomed even further, becoming the 3rd largest economy in 2010, nearly tying Japan, with a $6 trillion GDP.  

In 1985, based on [[IMF]] data,<ref>https://www.imf.org/en/Publications/SPROLLs/world-economic-outlook-databases</ref> China was the eleventh largest economy, with a GDP of $313 billion, below the United States, Soviet Union, Japan, Germany, United Kingdom, France, Italy, Canada, Spain, and the Netherlands. China quickly got to tenth in 1990, with its $398 billion. China managed to get to eight in just five years, with a GDP of $737 billion. However, during this time, the Russian economy was collapsing, which meant that China went to seventh. The Italian economy got overtaken by the Chinese economy of $1.215 trillion in 2000. However, China nearly tied France and England around the $2.5 trillion mark. When the [[2008 financial crisis]] hit America and Europe, China boomed even further, becoming the 3rd largest economy in 2010, nearly tying Japan, with a $6 trillion GDP.  

 

At the end of the [[Cold War]] political scientist [[Samuel P. Huntington]] wrote,  

At the end of the [[Cold War]] political scientist [[Samuel P. Huntington]] wrote,  

{{Cquote|It appears probable that for most of [[history]] China had the world's largest [[economy]]. The diffusion of [[technology]] and the economic development of non-Western societies in the second half of the twentieth century are now producing a return to the historical pattern. This will be a slow process, but by the middle of the twenty-first century, if not before, the distribution of economic product and [[manufacturing]] output among the leading [[civilization]]s is likely to resemble that of 1800. The two-hundred-year [[Western civilization|Western]] "blip" on the world economy will be over.<ref>[https://msuweb.montclair.edu/~lebelp/1993SamuelPHuntingtonTheClashOfCivilizationsAndTheRemakingofWorldOrder.pdf ''The Clash of Civilizations and Remaking of the World Order''], Samuel P. Huntington, Simon & Schuster, 1996, p. 88.</ref>}}

{{Cquote|It appears probable that for most of [[history]] China had the world's largest [[economy]]. The diffusion of [[technology]] and the economic development of non-Western societies in the second half of the twentieth century are now producing a return to the historical pattern. This will be a slow process, but by the middle of the twenty-first century, if not before, the distribution of economic product and [[manufacturing]] output among the leading [[civilization]]s is likely to resemble that of 1800. The two-hundred-year [[Western civilization|Western]] "blip" on the world economy will be over.<ref>[https://msuweb.montclair.edu/~lebelp/1993SamuelPHuntingtonTheClashOfCivilizationsAndTheRemakingofWorldOrder.pdf ''The Clash of Civilizations and Remaking of the World Order''], Samuel P. Huntington, Simon & Schuster, 1996, p. 88.</ref>}}