Economic Reform And Accounting Standard In

China

 GDP:

$7 trillion (growth 9.7%) government control on market.

Complete Adopted

Market socialism in 1977 Contribution: 48%

Industrial

Contribution in economy by different sector

Chinas Average Annual Real GDP Growth: 2000-2010 and 2011 Estimate Time Period (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 EIU Projection 9.6 Source: Official Chinese government data, the Economist Intelligence Unit. 8.4 8.3 9.1 10.0 10.1 9.9 11.1 14.2 9.6 9.2 10.3 Average Annual Growth

 Centralized

planning of production & exchanges between companies. Basic principle were followed for recording receipts and expenses. China use different types of methods for the distribution of income. There is no market; businesses are coordinated into hierarchical systems.

This plan was created to accomplish several tasks, including: expanding heavy industry in China. furthering the cause of socialism by transferring more property to collective ownership. encouraging the economic growth of China through industry, agriculture, handicrafts, transportation and commerce. cultivating cultural and scientific development of the Chinese people. strengthening national defense and improving living standards in China.

Thank you