Features of Chinese Economic Development Article

Features of Chinese Economic Development - Article Example This paper critically reviews recent trends in economic policies by Chinese government, leading to a rapid economic development of the country in the last decades. Economic development is the measure of the progress of an economy. China is an Asian nation that has a unique economy. Reforms in China began in 1978 and since then the economic development has undergone various changes and implementations. Following these reforms between 1978 and 2005 the gross domestic product was on average 9.6% per year. China’s financial industry is of importance to the political system as they depend on the banking sector for funding. The financial reforms after 1997 involved formation of Communist Party Central Financial Work Commission. By establishing the CFWC, the Zhu Rongji government used Leninist political means to bolster the financial market integrity and reform. Zhu Rongji was a key economic policy maker in China. The CFWC served as a coordinating and planning body for regulatory bodies. It was dissolved and a Banking Regulatory Commissionestablished as a separate banking watchdog in autumn. The formation of Ministry of Information Industry in 1998 marked the beginning of reforms in the telecommunications industry. It was formally in charge of the entire information industry. China’s leadership governs key sectors whose assets and wealth contribute to the national economy through the State-owned Asset Supervision and Administration Commission. SASAC was established in 2003 and has since taken a regulatory role in China.