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Created byEthan Blayney
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The banking system was nationalized and centralized under the People's Bank of China. To bring inflation under control by 1951.The Communist Party of China taking power in 1949.First 5-year plan from 1953-1957 aimed for industrial growth and socialisation of economic system.The Second 5-Year Plan (1958–62), the "great leap" in production for all sectors of the economy at once.
Lead to major famine reportedly the deaths of tens of millions of people.Cultural Revolution (1966-1976) - lead to political unrest and major economic issues.The opening up to foreign trade and investment and implementing free market reforms in 1979.Chinese government decided to break from its Soviet-style economic policies by gradually reforming the economy to a more liberilizsed economy 1978 .Death of Chairman Mao in 1976.Chinese Gross Domestic Product (GDP) at 14.2% 2007.Chinese GDP fell to 9.6% due to Global financial Crisis (GFC) 2008.Chinese GDP fell to 9.2% due to GFC 2009.
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