Socialist market economy
Since the 1980s, China's Communist Party has been using socialist market economy to describe their nation's economic system. China's economy is subject to market forces, and capitalists are involved, but the Party does not believe that capitalists run their economy.  China is currently a mixed economy, but it is more of a command economy than a free market economy. Yes, China has a mixed economy. If you don't know, this means that its economy consists of a combination of a market economy, in which there is free exchange of goods in a pri … vate market, and a planned economy that is totally controlled by a governmental entity. 2 people found this useful. At the start of the 2010s, China became the sole Asian nation to have a GDP (PPP) above the $10-trillion mark (along with the United States and the European Union). As China's economy grows, so does China's Renminbi, which undergoes the process needed for its internationalization. After three decades of opening up and reforming, China has been through rapid changes from a planning economy to a market economy. According to the IMF, China's 2013 GDP is US$9.18 trillion, after the United States (US$17.37 trillion) but far ahead of Japan (US$4.9trillion), the third largest economy. China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods in the world. China is a net importer of services products. After three decades of opening up and reforming, China has been through rapid changes from a planning economy to a market economy. According to the IMF, China's 2013 GDP is US$9.18 trillion, after the United States (US$17.37 trillion) but far ahead of Japan (US$4.9trillion), the third largest economy. Rating Newest Oldest. Best Answer: I'd say that China has a 'mixed economy'. It was a heavily controlled command economy right up until the 'Cultural Revolution' in the late 1970's. Since then it's been reforming. There is a lot of deregulation, and many Chinese firms are becoming privatised. · just now. Report Abuse. China has a primitive capitalist system, similar to the early capitalism of the 19th century in Europe and the US. That, coupled with a single party political system, resembles the European fascist traditions of the 20th century. China once had a socialist, planned economy where the government (one party) controlled and owned all the means and methods of production. China currently has a very strange mix of socialist, capitalist, and communist ideas for their economy. It is unique in the world, and often really defies categorization. The US has a Mixed Economy. This means that the system is a mix of a Free/ Market Economy (no government interference) and a Centrally Planned Economy (controlled by governmen … t). In our system, the government, therefore, can affect and regulate the economy, but cannot control it. 18 people found this useful. China 's socialist market economy is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity according to the IMF, although China's National Bureau of Statistics rejects this claim. After three decades of opening up and reforming, China has been through rapid changes from a planning economy to a market economy. According to the IMF, China's 2013 GDP is US$9.18 trillion, after the United States (US$17.37 trillion) but far ahead of Japan (US$4.9trillion), the third largest economy. Best Answer: Mixed. It's officially called Socialism with Chinese Characteristics in Chinese textbooks (and if I'm not mistaken, in the Constitution too, but don't quote me on that, I'm not 100% certain), although there's absolutely nothing Chinese about those characteristics.
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what kind of economy does china have