Has China been able to transfer from a Communist economy to a capitalist economy successfully?
- Anonymous9 years agoFavorite Answer
It has been 70 years after Mao died.Now it is not a transition economy anymore. But it ranked 2nd in the world in term s of the size of GDP. And if everything will go on as expected,it will surpass the US in 2016.It will be the first biggest economy in the world which is still a developing country because of GDP per capita is very low.
- AleconomixtLv 79 years ago
China pays 0.5 trillion $ as debt to USA alone. Total outlay could be 2 trillion $.
China is a strong communist country which found way into the world market by pretending to be capitalist.
All Chinese firms are state owned. people happily work for 10-12 hrs. a day. China sells cheap, so has double whammy in profit making. So, GDP >10%.
USA and Europe cannot digest this for a communist country, so they eat the sour pie calling China " trasitional ".