Abstract
This chapter focuses on China's economic reforms. Widespread and far-reaching economic reforms are sweeping China in a planned manner. Econometrics emerged as the times required. Econometrics has saved the old economics from its impending misery. It is observed that as of the advancement made in statistics and with the commercialization of computer technology, the application of systems science and system control theory to the study of economic problems, military affairs, managerial science, population issues, and sociology has become a powerful trend of times. This trend has been further accelerated by the emergence of the general systems theory. Current economic reforms in China have benefitted considerably from the application of systems science. Chronologically, the earlier achievements were made in the field of population system control, which was subsequently realized in China's family planning program. A series of excellent investigations were conducted in relation of economic issues, especially in the study of energy and pricing systems.
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