China is one of the largest growing countries admired by almost every party of the world. In 1949 With the fall of the long historical aristocratic monarchy comes a communist rival, Mao Zedong, who brought heavy reforms for China’s future development as a communist state lead by a centralized committee and national congresses. The party has significant influence to establishing the fundamental principals of communism, setting strategies for economic development, and setting growth target to reach desired outcome. Planning is a key to building guidelines for an entire social market economy. The First Five Year Plan 1953-7 was a major establishment manifested by Mao and his followers to adopt a Soviet approach to economic developmental model to intensify industrial growth and socialization. Over the years modifications have been made to shape the agenda a growing market economy. This was followed by another event in the 1980’s created to designate special economic zones, in different parts of the country. SEZs allowed special tax incentives for foreign direct investments,
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People's Republic of China, communist state lead, historical aristocratic monarchy, largest growing countries