China’s Evolving Economic System
China’s impressive economic achievements during the last three decades are a stark contemporary illustration of the historical lesson that unleashing individual initiative tends to boost economic development. But only by withdrawing further from the production system and concentrating on improving social arrangements can China's government ensure that the growth sprint continues.
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It is generally agreed that China’s impressive economic achievements during the last three decades are largely the result of the radical reform of its economic system. While private ownership of firms hardly existed when these reforms started, private firms today account for about 60% of total production.