The economic aspect of the superpower status of the People’s Republic of China, including its transformation process
The article: The economic aspect of the superpower status of the People’s Republic of China, including its transformation process focuses on the key events in Chinese economic modern history that led it to become superpower in its region and worldwide. The world order prevailing for several centuries was based on the domination of the European civilization. Nowadays, we have the opportunity to observe the birth of a new order based on the dominance of Asian civilization, in which China has a leadership position. That superpower has the greatest impact in the Asia-Pacific region. This is due to the unique features of Chinese civilization, as well as the success of the economic transformation that has been going on for almost 40 years, which can set an example for developing countries. The Chinese way to economic success is unique on a global scale. In addition to centrally planned and free market systems, there are also so-called hybrids that combine features from both systems. In the case of the People’s Republic of China, this system is defined as a socialist market economy. Under this system, state ownership still dominates, but state-owned enterprises have relative independence in operational planning. There are also companies with mixed capital and entirely based on foreign capital and the private sector is playing an increasing role. It is worth paying attention to how China created its own system, because the way it did is completely different than in the West.