 The past 13 years since 1990 have seen China's historic transition from a planned economy to a market oriented one. The eruption of the Asian financial crisis in 1997 and the general slow-down of the global economy, especially after the 9.11 terrorist attacks in the United States, both had little on China's positive economic progress.
Despite its preliminary stage of development, China's market demand is not that active, which creates a drag on the national economy. Manufacturing industry, especially the resource-intensive general manufacturing industry, suffers from over-capacity. It is difficult for enterprises and investors to find profitable investment options in this sector. To solve these problems, experts say, efforts should be made to speed up agricultural restructuring and adjustment of the regulatory environment /systems to boost consumption and private investment.
China's WTO membership has confirmed to everyone that the country will speed up reforms in economic, legal, administrative and other sectors. This shows that China is willing to play by international trade rules and bring its economy into harmony with the world.
An unofficial survey shows that an increasing number of people have said that they are highly satisfied with the social and economic environment, as the Chinese Government has made efforts to better care for its elderly and offer the young a promising future.
China's strategy of invigorating the country through science and education, launched in 1995, increased investment in human resources, and will be sure to make this nation more competitive in the global arena.
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