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Williams, Mark --- "China" [2013] ELECD 738; in Williams, Mark (ed), "The Political Economy of Competition Law in Asia" (Edward Elgar Publishing, 2013) 88

Book Title: The Political Economy of Competition Law in Asia

Editor(s): Williams, Mark

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781781001677

Section: Chapter 4

Section Title: China

Author(s): Williams, Mark

Number of pages: 31

Abstract/Description:

China has undergone a radical economic transformation since 1978 when the ruling Communist Party of China (CCP) made a dramatic decision to move away from the orthodox Leninist-Stalinist model of economic organization toward a more market-oriented economic system. This decision has transformed China from being an impoverished, predominantly agricultural nation into the dynamic, export-oriented economic superpower that now ranks second only to the United States. It has been argued that China’s economic rise is one of the most significant economic events of our time, and that more people have been lifted out of poverty, more quickly, than by any other set of economic policies ever adopted. Internationally, the economic and political effects of this policy shift are now obvious to all: the massive migration of manufacturing capacity to China, the hugely increased presence of Chinese-manufactured products in world markets, surges in commodity prices due to China’s anxious worldwide search to secure supplies of raw materials to fuel its continued economic development.