China’s Past, Present and Future
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China’s economy has undergone a remarkable transformation over the past 70 years, catapulting the country from its predominantly rural roots to a vibrant, urbanized industrial powerhouse. After the communists took control in 1949, the state exercised tight control over the economy. It was only after a series of transformative reforms initiated in 1978 that an entrepreneurial spirit was unleashed and propelled the country to become the world’s second-largest economy, with an annual growth rate that soared from 6.5% for the first 30 years to nearly 10% for the last 40.
