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A Study on the Changes of China's Economic Order and the Problems of Regional Economic Imbalance
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중국의 경제 질서 변화와 지역 간 경제 불균형 문제에 관한 연구

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Type
Academic journal
Author
Journal
한국질서경제학회 질서경제저널 질서경제저널 제23권 제1호 KCI Accredited Journals
Published
2020.1
Pages
25 - 46 (22page)

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A Study on the Changes of China's Economic Order and the Problems of Regional Economic Imbalance
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After the collapse of the Qing Dynasty, the People's Republic of China was established in 1949 with very little economic foundation in the course of long turmoil and civil war. With the founding of the country, Mao Zedong confirmed the socialist planned economic order as the basis for national economic operation, which not only caused a decline in productivity, but also drove the Chinese economy into a more impoverished situation amid political turmoil such as the Great Leap Forward Movement and the Cultural Revolution. Deng Xiaoping, the great leader of China, attempted to drastically change the economic order with explaining the appropriateness of introducing a capitalist economic order through various theories, and led to China’s rapid economic growth. Under the reform and opening policy adopted by Deng Xiaoping in 1978, China has been able to become as a G2 nation as well as expanding its influence across various fields around the world. China's rapid growth, however, has led to checks from many other countries. In particular, it became almost impossible for China to achieve the same rapid growth as it did in the past while it faced strong U.S. checkups based on the U.S.-China trade dispute. In response, China is attempting to reduce its dependence on foreign trade and modify its export-led quantitative-expansionary economic growth strategy to a stable economic growth strategy through boosting domestic demand. This attempt of Chinese government is considered as a turning point in the right direction. But it also appears to be not going as smoothly as the intension of Chinese government. The reason is that the economic imbalance between regions and classes has been proved serious despite the remarkable growth of the Chinese economy. Therefore, this paper sought to find the fundamental cause of the economic imbalance within China, analyze the specific present situation and related policies, and try to give some suggestions to the actual problems.

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