The 1950s

 

E

1950, June: Agrarian Reform Law. Land of landlords and wealthy farmers is re-distributed to millions of peasants

 

E

1953 - 1957: 1. Five Year Plan focusing on Soviet-style development of heavy industries.

 

E

1958: All land is collectivized and farmers are organized into (large) People's Communes.

 

E

1959 - 1961: "Great Leap Forward" triggers largest famine in human history with an estimated 14-30 million casualties.

 

The 1960s

 

E

1961 - 1965: Increase in production and import of agricultural inputs (fertilizers, machinery, pesticides)

 

E

1961 - 1965: Readjustment and recovery: "Agriculture First" policy. Food situation improves.

 

E

1966 - 1976: Between "Cultural Revolution" and Mao's death stagnation in agriculture and industry.

 

The 1970s

 

E

1977: Hua Guofeng starts "Open Door" policy, which is later incorporated in Deng Xiaopings "Four Modernizations" program.

 

E

1978 - 1990: Introduction of Pragmatism in China's political and economic system. Promotion of market elements.

 

E

1978 - 1979: Deng Xiaoping introduces stepwise economic reforms: "The Four Modernizations".

 

E

1979: Introduction of the "Household Responsibility System" in agriculture greatly improves China's food security.

 

The 1980s

 

E

1980: Special Economic Zones in Shenzhen, Zhuhai, Shantou (Guangdong), Xiamen (Fujian), and the entire province of Hainan.

 

E

1980 - 1990: Great improvement of China's food security. Significant reduction of rural poverty.

 

E

1980, August: First Special Economic Zones are established in Shenzhen.

 

E

1984: 14 coastal cities are completely opened to foreign investment.

 

E

1986: Deng Xiaoping boosts "Open-door" policy to encourage Foreign Direct Investments.

 

E

1988: Excessive economic growth with rampand corruption and out-of-control inflation of 18.5%.

 

E

1989, December: Stock markets are opened in Shanghai and Shenzhen.

 

The 1990s

 

E

1990 - 2004: The process of restructuring and / or closing of state-owned enterprises is accelerated.

 

E

1992: Deng Xiaoping accelerates market reforms to establish a "socialist market economy".

 

E

1995: Overheating of the economy: 17% Inflation rate.

 

E

1998 - 1999: Slow-down of the Chinese economy - partly due to Asian Financial Crisis.

 

The 2000s

 

E

2001, November: After years of negotiations, China becomes a member of the World Trade Organization.

 

E

2002: Kentucky Fried Chicken (a subsidiary of Yum! Brands, Inc.) opens China's 700th KFC restaurant.

 

E

2006, January: CNOOC, one of China's largest oil and gas producers buys a stake in a Nigerian offshore oil and gas field.

 

E

2007, November: French company Areva wins deal to build two nuclear reactors in the South of China.

 

E

2008, November: The government announces a $586 billion economic stimulus package.

 

E

2009, February: 20 million migrant workers may have lost their jobs in China due to global economic crisis.

 

E

2009, February: China makes largest investment in foreign company.

 

E

2009, November: China is now the largest automobile market in the world.

 

E

2009, December: New gas pipeline is opened between Turkmenistan and China.

 

E

2011, February: China overtakes Japan as world's second-biggest economy.

 

E

2011, July: Coca-Cola profits jump on sales to China.

Copyright 2006, 2007, 2008, 2009, 2010, 2011, 2012 by Gerhard K. Heilig. All rights reserved.

china-profile.com - 30 Sept. 2012