The Economy of Modern Day China

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China has come along way.

As of the time of this writing, the communist country is the second-largest economy in the world and looks poised to reclaim its title as the world's largest economy within the next century.

So without further ado, let's explore modern-day china and see how it has transformed from a half-crippled state into the economic superpower we know today.

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📚 Want to learn more about the economy of China? We recommend reading "China's Economy: What Everyone Needs to Know", by Arthur Kroeber

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Sources & Citations -

Nee, V., 1992. Organizational dynamics of market transition: Hybrid forms, property rights, and mixed economy in China. Administrative science quarterly

Chai, J.C., 1998. China: Transition to a market economy. OUP Catalogue

The annual data of China's GDP published on China NBS: National data – annual – national accounts – Cross Domestic Product Archived 14 June 2018

Chi-Yun, C.H.E.N., 2005. Han Dynasty China: Economy, Society, and State Power--A Review of Cho-Yun Hsu, Han Agriculture: The Formation of Early Chinese Agrarian Economy

Cheung, Y.W., Lai, K.S., and Bergman, M., 2004. Dissecting the PPP puzzle: the unconventional roles of the nominal exchange rate and price adjustments. Journal of International Economics

Schurmann, F., 1973. Ideology and organization in communist China. Univ of California Press

Chang, J.K., 1969. Industrial Development in Pre-Communist China: A Quantitative Analysis. Aldine Publishing Company

Peng, X., 1987. of the Great Leap Forward in China’s Provinces. Population and development review

Li, W., and Yang, D.T., 2005. The great leap forward: Anatomy of a central planning disaster. Journal of Political Economy

Bachman, D., and Bachman, D.M., 2006. Bureaucracy, economy, and leadership in China: The institutional origins of the Great Leap Forward. Cambridge University Press

Chen, Y., 2009. Cold War competition and food production in China, 1957-1962. Agricultural history

Mastel, G., 2016. The Rise of the Chinese Economy: The Middle Kingdom Emerges: The Middle Kingdom Emerges. Routledge.

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[greekswaglord-dathistoryla]

I dare you to do the economy of Greece next. That would be a nightmare, but pretty entertaining nonetheless.

[world-news-network]

"China went from a country barely able to feed itself to the world's second largest economy in less time than the Simpsons has been on air." That is crazy.

[FlautistFul]

"Doesn't matter if it is a white cat or a black cat, as long it catches mice, it is a good cat" - Deng XP

[tydalm.]

09:58 "People were allowed to buy real estate". Yes and no. You can buy buildings in China, but land can only be leased, it's 100% state owned.

[olivercuenca]

Reminds me of the Onion video 'Understanding China', which described it as "a communist nation which is somehow even more obscenely capitalist than our own."

[korich]

This is an excellent video, showing a deeper understanding of China than the typical superficial news report. One detail though: the first four SEZ Special Economic Zone were Shenzhen, which has been wildly successful, Xiamen, which is still prosperous, and Shantou plus Zhuhai. Shanghai and Beijing were not on the original list. One can admire the success of Shenzhen (largely due to its connection with Hong Kong) and Xiamen (largely due to its connection with Taiwan), and balance it with Shantou and Zhuhai.

[joey]

"Hong Kong which was kind of its own economic zone at this point"


It was literally a part of the United Kingdom back then...

[Hellvellyn]

Can we get a video going into the details of the internet's effect on economies?

[fsh]

China should be thankful to know there is a small south eastern country with a similar demographic makeup and an autocratic political system, Yeah, it's Singapore, China has learned a lot from Singapore in terms of governance, the successful story of Singapore even today also strengthens up Chinese government's confidence in building China into a good though crowded place to live.

[ImJustAoife]

"All men are born equal, except me ofc"

[abrvalg]

13:22 EU4 players' heartbeat went up.

[hpaul]

China’s growth on the world economy is the “one of the greatest achievements in world history”. The poverty rate went from 88% to less than 1% and life expectancy increase by more than 10 years. And many more achievement can be added.
Also China has the longest continuous history of any country in the world—3, 500 years of written history.

[belkapreobrazhenskaya]

I am Russian and I admire China's economic success. They were able to pull their country out of a hellhole while we headed our country into it. They have achieved so much in the last 20 years and they are only getting richer. Long live China!

[aldicom]

Gonna open this video in few hours to look at the coronavirus jokes.

[ac-jnwz]

Love the final thoughts comparing Japan to China. It is realistic and positive in a way that China still need to do better to uphold its world stage.

[sumyuenchan]

If you have a chance, you should read more about Zhao Ziyang, who was the real engineer of China’s reforming and opening up, but he was off-office in 1989 after the Tiananmen event

[l.jturner]

I've been learning to speak Chinese recently; I can confidently say it's been the rewarding experience of my life

It's like discovering a whole new world of culture and history

[jackfrancis]

"Best comeback ever"

Did you watch Liverpool pull back 4 goals in the 2019 Champions League semi?!

[reirei_tk]

Little disappointed you didn't mention Township and Villager Enterprises, which dominated the Chinese economy in the 80s and 90s. One of the biggest is the Huaxi TVE, which was (and maybe still is) the richest village in China. Cheng Li wrote a great piece about them called "Is a Rich Man happier than a Free Man?" A fascinating and great read, if you can get your hands on it.