Difference Between Old Communist China And The Current Modern Version That Is Seen Today

1355 Words Jul 13th, 2015 6 Pages
There is a wide difference between old communist China and the current modern version that is seen today. China has had to switch their economic model in order to stay current and relevant in a very rapid and widely changing economic environment. There are many factors that have lead to the change in Chinas economic model and their all out push for growth and prosperity. The changes in Chinese economic model have also been closely linked to changes in Chinas demographic mode as well.
One big shifting point in Chinas economic model came around 2003 when china was admitted into the Word Trade Organization (WTO). China was responsible for meeting many requirements, restrictions, and changes to then current standing economic practices. At this time China was untrusted by other members of the WTO and had harsher restrictions placed on them, than other joining members of the (WTO). China had many reforms that included tariff reductions and the dismantling of most nontariff barriers, accepting conditions more stringent than the terms under which India and other developing countries acceded (Branstetter and Lardy, 2006).
Although Chinas new economic model is accredited to more recent changes there were many steps from that past that led them to their current place and status. Deep in the zenith of Communism and at the height of its influence around the world Deng Xiaoping the leader of the Chinese Communist Part (CCP) in 1978 began this reform. Deng shifted past Chinese…

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