1.2 Chapter Overview - Main Aspects of China's Hybrid Economy

Lesson Summary

Modern China is a unique communist country that is first focused on maintaining power and returning to greatness. It has a hybrid economy that combines market forces with state control, which has brought prosperity but also created distortions. China is made up of two different parts, rural and urban, and has two different socioeconomic classes with varying levels of privilege. China has also benefited from unique domestic and international circumstances that it no longer has, resulting in high domestic savings that is now a challenge to transition into consumer spending.

  • Unique communist country focused on power and greatness
  • Hybrid economy combining market forces with state control
  • Rural and urban parts with two socioeconomic classes
  • Unique domestic and international circumstances no longer present, leading to high domestic savings

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