-
Mao's Death (http://www.history.com/this-day-in-history/chairman-mao-dies)
Mao represented the old system of Chinese communism, where the state controlled the allocation and production of resources. Mao implemented a commune system in order to efficiently develop China through organized labor and communities but instead it discouraged foreign trade and disincentivized hard work. During his rule, about 90% of the workforce was working for the state. China relied on itself and discouraged foreign trade. When Mao died, a new leader arose who revived China's economy. -
Deng Comes into Power
After Mao's death, Deng took over as leader of the Communist Party. While in control Deng implemented economic liberalism, which is a free market with little government intervention. This allowed for more private businesses to arise as now merchants weren't subject to Mao's strict Communist regulations. Deng also implemented the private responsibility system, which gave land to private farmers for personal use and market production. His policies led to the economy growing and becoming stronger. -
China Opens up to Foreign Investment (http://eric.ed.gov/?id=ED460052)
In 1979, Deng opened up China to foreign investment. This meant that other countries could invest in things such as China's infrastructure. These new investments had a positive effect on the Chinese economy, as originally China had taken 42 billion in investments, but had taken 120 billion by 2012, which shows that investors recognized how China's economy was improving, -
China Admitted to World Trade Organization (https://www.wto.org/english/thewto_e/countries_e/china_e.htm) and (https://hoosinchina.com/2013/05/01/chinas-one-child-policy/)
This event represents how China has grown so much economically that it is being recognized as a superpower by other countries and asked to join the World Trade Organization. This event demonstrates China's economic strength as it is now interacting with other superpowers more through trade and discussion and also shows China's desire and ability to be part of a global economy. This helped to pave the way for another decade of exponential economic growth. -
China Hosts the Olympics
This event is representative of how China has grown so much that they are now able to host the Olympics. The Olympics are a symbol of pride for whatever nation is hosting them, as it means that that nation has established itself as financially able to host this expensive event. It also means that the host country is respected enough by other countries to hold this prestigious event.
