The Chinese economy from 1970 to 1984
Currently China tries to become the world’s largest economy thanks to its new economic model. According to a report that was published by the Organization for Economic Co-operation and Development in 2020 China could become the first economic giant with nearly half the world’s economic output and GDP rate of 20 billion dollars. A model that has been founded by Deng XIAOPING (general secretary of the Chinese Communist Party and architect of the economic reform of China), in 1992, he implemented a policy frequently referred to under the socialist market economy name, insofar as it combines elements of the Maoist era (authoritarian political control of the economy, proactive industrialization plans and major projects) and some economic liberalism. This ideological synthesis allows China to gradually open its economy while maintaining its political system.