China’s Transformation towards Capitalism

Jeanne Wilson

Chapter 12 in Varieties of Capitalism in Post-Communist Countries, 2007, pp 239-257 from Palgrave Macmillan

Abstract: Abstract Since embarking on a programme of economic reform in late 1978, China has moved, albeit in an incremental fashion with periodic stops and starts, towards market capitalism. In 1993 the Chinese Communist Party (CCP) deleted the description of China as a planned economy under public ownership from the state constitution, proclaiming it a ‘socialist market economy’. Further amendments legitimated the ownership rights of private entrepreneurs (1999) and the sanctity of private property (2004). In a related development, entrepreneurs were granted the right to join the CCP in 2002. While China undoubtedly constitutes an example of economic transformation from the Soviet-style planning system, its experience must be distinguished from that of its former socialist brethren. First, most obviously, China was one of the few remaining examples, at least ostensibly, of a Marxist-Leninist state, governed by a Communist Party. Secondly, China was still, despite a record of remarkable growth, a developing economy, setting it apart from the states of Eastern Europe and the more industrialized states of the former Soviet Union.

Keywords: Foreign Direct Investment; World Trade Organization; Economic Reform; Chinese Communist Party; Outward Foreign Direct Investment (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-62757-4_13

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230627574

DOI: 10.1057/9780230627574_13

Access Statistics for this chapter

More chapters in Studies in Economic Transition from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().