China—Economic System
In the last two decades of the twentieth century, the Chinese economic system changed from a command economy, which dated from shortly after the Communists took control in 1949, to a mixed economy.
The Command Economy Before Reform
A command economy is an economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production targets and allots raw materials to production units. It involves comprehensive economic planning on the basis of targets and balancing of materials.
China's command economy was first established in 1950–1951 and was followed by.....
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