China is the world's seventh largest economy and the largest country in terms of population size. It has also become the 8th largest world exporter of manufactured goods and the second largest economy in the world, after the United States, on the basis of purchasing power parity. The impact of globalisation on China has been profound, having an impact in a number of different areas.
Government Strategies to promote economic growth and development
Between 1978 to 1994 China abandoned agricultural collectivisation, replacing it with a system of household responsibility, allowing individuals to make their own production decisions. Individuals could sell their surplus output in free markets after the state quota was met. This lead to dramatic increases in food production and incomes. …
