Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role – in 2010 China became the world’s largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. More »
Hong Kong Special Administrative Region of the People’s Republic of China
Hong Kong has a free market economy highly dependent on international trade and finance – the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong’s open economy left it exposed to the global economic slowdown that began in 2008. More »
