The present Chinese economy differs significantly from its earlier command economy in several key ways.

 The present Chinese economy differs significantly from its earlier command economy in several key ways. 

1. Ownership Structure:

In the command economy (before 1978), all major industries and enterprises were owned and controlled by the state. In the present economy, although the state still owns key sectors, a large portion of the economy is now driven by private businesses and foreign investment.


2. Market Mechanism:

Earlier, the government fixed prices and controlled production and distribution. Now, market forces such as supply and demand play a major role in setting prices and determining production levels.


3. Role of Private Sector:

Under the command economy, private enterprise was banned. Today, private companies contribute significantly to GDP and employment in China.


4. Foreign Trade and Investment:

Previously, China followed a policy of self-reliance and restricted foreign trade. Now, China is one of the world’s largest trading nations and attracts significant foreign direct investment (FDI).


5. Economic Reforms:

Since the 1980s, China has introduced reforms like Special Economic Zones (SEZs), liberalized trade policies, and reduced state control over the economy, encouraging entrepreneurship and innovation.


6. Technological and Industrial Advancement:

Under the command economy, technological growth was slow. Today, China is a global leader in fields like electronics, renewable energy, and artificial intelligence due to increased investment and openness to global markets.


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