The "Chinese Model" of the Economy. Analysis of Reforms and Development Trends
The "Chinese Model" of the Economy. Analysis of Reforms and Development Trends

Summary/Abstract: The article describes the whole long period of reform of the economic system of the People's Republic of China, which has led to the emergence of the "Chinese model" of the economy. The periods of the planned economy and market economy in China were highlighted and analyzed by stages. The period from 1949 to 1978 was considered a "period of the planned economy" of China, where four phases was distinguished. The problem areas of the planned economy period were highlighted according to the following parameters: internal environment, state enterprises, and state policy. The period from 1978 to the present is described in the article as a period of market economy, where three phases are distinguished. The authors consider the basic most important events in chronological order, both in political and in economic terms, which made it possible to generalize the experience of reforms and give an answer to a question of what the "Chinese model" of the economy is. The approach proposed by the authors allowed to identify and justify the individual directions of the "Chinese model" of the economy and to identify their characteristics and potential for use in other countries. The analysis of the periods and stages of China development makes it possible to state that the "Chinese model" of economy is unique and is a model of flexibility in governance, which combines centralized management and market mechanism.

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