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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.
While many capitalist ideas are in place, several core tenets of capitalism do not exist (sanctity of contracts, private property ownership). Likewise, far too many communist ideas are being ignored (allowing private collection of wealth, private ownership of external (foreign) investments allowed) for it to be considered Communist.
Wiki User
∙ 9y ago
paulbenn
China used to be state capitalist and its now a mix of state and private capitalism.
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Economic system of east Asia?
The Primary economic system of east Asia is Democracy because they have this in most of the countries that dwell there. But in China they have a dictatorship economic system. REPLY: Democracy isn't an economic system its a type of government and when you said China has a dictatorship economic system, i think you mean they have a command economy.
What is an economic system in which the government owns most property and businesses and people have little freedom?
Well, the name for this type of system is centrally planned, and one country with this economic system is China.
Which group did the economic reforms in china benefit most?
China's economic reforms greatly increased the economic role of the banking system.
What country has a communistic economic system?
China
What type of economic system does the Philippines have?
mixed economic system
Economic system of east Asia?
The Primary economic system of east Asia is Democracy because they have this in most of the countries that dwell there. But in China they have a dictatorship economic system. REPLY: Democracy isn't an economic system its a type of government and when you said China has a dictatorship economic system, i think you mean they have a command economy.
What type of economic system was used to reshape china's economy after the civil war?
Communism
What is an economic system in which the government owns most property and businesses and people have little freedom?
Well, the name for this type of system is centrally planned, and one country with this economic system is China.
Which group did the economic reforms in china benefit most?
China's economic reforms greatly increased the economic role of the banking system.
What country has a communistic economic system?
China
What type of economic system does the Philippines have?
mixed economic system
What type of economic system does Turkey have?
Its a Free market economic system
What describes China's economic system?
mixed/command
What type of economic system does Cameroon have?
What type of economic system does Cameroon, Africa have? (traditional, command, market, or mixed)
How is Taiwan different from china?
The political system in the Republic of China (Taiwan)is Western democratic system while in China it is a communist system.The economic system in Taiwan is a free market capitalized system while in China it is socialist centralized economic system.Taiwan is not represented in the UN or in the international organizations as a member because it is belonging to the main land China.
What countries have a market economic system?
It is not in china but in Russia. Kawkid
What BEST describes china's economic system?
mixed/command
