Abstract
The title “China: A Greater Leap Forward” is derived from a previous experiment of 1958 to 1961 bearing the same name. It was considered a bold undertaking under the tutelage of Chairman Mao Zedong with an objective to activate and unleash communist society through rapid industrialization and collectivization. The contradiction however was high prospects from an obdurate group of technocrats whose convictions were beholden to ideology and bias interpretation of world politics disallowing modifications in thoughts and applications hence what later became classified as the great Chinese famine claiming the lives of over 30 million citizens was aborted and the mission of enlightenment left unaccomplished. With time nonetheless an aging revolution has acquiesced to a marriage of convenience in which both parties the state and private enterprise peacefully and successfully coexist. Although the union thwarts Maoist ideology it provides a practical and irreversible approach to China’s sustenance in a global economy and is undoubtedly accredited with the nation’s economic renewal.
Highlights
The title “China: A Greater Leap Forward” is derived from a previous experiment of 1958 to 1961 bearing the same name
While President Jiang Zemin in a speech in 1999 from the Great Hall of the People attributed the “economic miracle” to the “unswerving adherence to the party’s basic line,” logic dictates the achievement was a result of revision subsequent to the critique of the status of the communist party and its advocacy for public ownership [2]
The adoption and extension of market mechanisms in conjunction with inexpensive labor and a huge market have grown the economy by approximately 10% per year since 1989
Summary
Exchange rate (RMB/$) Foreign Exchange Reserves (US$b) Government Revenue (total) Tax Revenue
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