Trade has been a very significant factor of the People's Republic of China's economy. In the twenty-five years that followed the founding of the Republic in 1949, China's trade institutions developed into a partially modern but somewhat inefficient system. The drive to modernize the economy that began in 1978 required a sharp acceleration in commodity flows and greatly improved efficiency in economic transactions. In the ensuing years economic reforms were adopted by the government to develop a "socialist planned commodity economy". This type of economy combined central planning with market mechanisms. The changes resulted in the decentralization and expansion of domestic and foreign trade institutions, as well as a greatly enlarged role for free markets in the distribution of goods, and a prominent role for foreign trade and investment in economic development.
Famous quotes containing the words history of, history, trade, people, republic and/or china:
“There is no history of how bad became better.”
—Henry David Thoreau (1817–1862)
“There is no example in history of a revolutionary movement involving such gigantic masses being so bloodless.”
—Leon Trotsky (1879–1940)
“My trade and my art is living. He who forbids me to speak about it according to my sense, experience, and practice, let him order the architect to speak of buildings not according to himself but according to his neighbor; according to another man’s knowledge, not according to his own.”
—Michel de Montaigne (1533–1592)
“Parents’ ability to survive a child’s unabating needs, wants, and demands...varies enormously. Some people can give and give....Whether children are good or bad, brilliant or just about normal, enormously popular or born loners, they keep their cool and say just the right thing at all times...even when they are miserable themselves, inexhaustible springs of emotional energy, reserved just for children, keep flowing unabated.”
—Stella Chess (20th century)
“People think they have taken quite an extraordinarily bold step forward when they have rid themselves of belief in hereditary monarchy and swear by the democratic republic. In reality, however, the state is nothing but a machine for the oppression of one class by another, and indeed in the democratic republic no less than in the monarchy.”
—Friedrich Engels (1820–1895)
“Consider the China pride and stagnant self-complacency of mankind. This generation inclines a little to congratulate itself on being the last of an illustrious line; and in Boston and London and Paris and Rome, thinking of its long descent, it speaks of its progress in art and science and literature with satisfaction.... It is the good Adam contemplating his own virtue.”
—Henry David Thoreau (1817–1862)