https://en.wikipedia.org/wiki/China#...ory_and_growth
Economic history and growth
Main article: Economic history of China (1949–present)
From its founding in 1949 until late 1978, the People's Republic of China was a Soviet-style centrally planned economy. Following Mao's death in 1976 and the consequent end of the Cultural Revolution, Deng Xiaoping and the new Chinese leadership began to reform the economy and move towards a more market-oriented mixed economy under one-party rule. Agricultural collectivization was dismantled and farmlands privatized, while foreign trade became a major new focus, leading to the creation of Special Economic Zones (SEZs). Inefficient state-owned enterprises (SOEs) were restructured and unprofitable ones were closed outright, resulting in massive job losses. Modern-day China is mainly characterized as having a market economy based on private property ownership,[303] and is one of the leading examples of state capitalism.[304][305] The state still dominates in strategic "pillar" sectors such as energy production and heavy industries, but private enterprise has expanded enormously, with around 30 million private businesses recorded in 2008.[306][307][308][309]
Headquarters of Alibaba Group in Hangzhou
Since economic liberalization began in 1978, China has been among the world's fastest-growing economies,[310] relying largely on investment- and export-led growth.[311][312][313] According to the IMF, China's annual average GDP growth between 2001 and 2010 was 10.5%. Between 2007 and 2011, China's economic growth rate was equivalent to all of the G7 countries' growth combined.[314] According to the Global Growth Generators index announced by Citigroup in February 2011, China has a very high 3G growth rating.[315] Its high productivity, low labor costs and relatively good infrastructure have made it a global leader in manufacturing. However, the Chinese economy is highly energy-intensive and inefficient;[316] China became the world's largest energy consumer in 2010,[317] relies on coal to supply over 70% of its energy needs, and surpassed the US to become the world's largest oil importer in September 2013.[318][319] In the early 2010s, China's economic growth rate began to slow amid domestic credit troubles, weakening international demand for Chinese exports and fragility in the global economy.[320][321][322]
In recent years, government claimed growth numbers have come under increased scrutiny, with both non-Chinese financial and economic observes as well as Chinese government officials claiming the government has been inflating its economic output. Examples include, the provincial government in Liaoning publicly admitted that the government has been cooking the books when publishing it's economic data from 2011 to 2014, making an overclaim of over 20%. Tianjin's trillion yuan GDP claim for 2016, was in fact a third lower, at 665 billion yuan ($103 billion).[323][324][325] Regarding the credibility of official data, china's premier has been quoted as saying the GDP numbers are "man-made" and unreliable and should be used "for reference only".[326] A Wall Street Journal survey of 64 select economists found that 96% of respondents think China's GDP estimates don't "accurately reflect the state of the Chinese economy.",[327] while some analysts claim the Chinese growth rate is overstated by 2-3%.[328]
In the online realm, China's e-commerce industry has grown more slowly than the EU and the US, with a significant period of development occurring from around 2009 onwards. According to Credit Suisse, the total value of online transactions in China grew from an insignificant size in 2008 to around RMB 4 trillion (US$660 billion) in 2012. The Chinese online payment market is dominated by major firms such as Alipay, Tenpay and China UnionPay.[329]
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Originally Posted by evince
https://en.wikipedia.org/wiki/China#...ory_and_growth
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