The History of China's Economic Development

China's reform trajectory since the late 1970s has always been quite distinct from that of the reformer, Soviet Union and Eastern Europe. Dismantling the entire socialist economy through privatization and full marketization was never the overarching goal. Instead, China's reform era leadership has often had an ambivalent attitude towards the private economy. Private enterprises in China have always faced restricted access to bank credit,. higher rates of taxation, and greater predation by government officials relative to state firms.