| Publication |
2009.
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| Summary/Abstract |
The six decades of China's socioeconomic development can be broken into two periods of equal length - 1949 to 1978, when a planned economy developed under the control of administrative authorities, and 1978 to 2008, when economic reforms were launched and carried on. It was clear toward the end of the 1970s that the planned economy could not resolve the key socioeconomic issues facing the society. The Chinese leaders initiated reforms to effect a gradual transition to a free-market economy. As a result of these reforms, China today is among the world's leading nations in the size of GDP and is successfully engaged in building a "minor prosperity" society (xiaokang).
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