| Popis: |
In the wake of the shift to reform and opening-up in the late 1970s, Chinese economy got into an orbit of high growth by investing in labor-intensive industries and exporting their products backed by unlimited supplies of labor. After a few decades of extraordinarily rapid growth, economic growth slowed, economic efficiency lowered, and demographics changed, causing the Chinese economy to shift its development strategy from investment/export-led to consumption/domestic demand-driven economic growth. With the expansion of China's economy, however, the role of the government sector and state-owned enterprises has been emphasized again. China's prospects for future stable and sustained economic growth are currently shadowed by the specter of resurgent state dominance, which has begun to threaten the vitality of the market and private firms in China. |
