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9. In what ways does the present Chinese economy differs from its command economy?
Asked by Saimon Last Modified
Answer 
Apoorva Purohit
The present Chinese economy differs from the command economy in the following ways-
• The command economy was based on the Soviet order while the present Chinese economy is open to capitalism.
• In the command economy, industrial production wasn’t growing fast enough, international trade was minimum and per capita income was very low. However, in the present Chinese economy, there is a large foreign exchange reserve, immense production, high per capita income and rapid growth.
• The command Chinese economy wasn’t open to foreign trade while presently, China has an open economy and has created Special Economic Zones and is one of the hotspots of Foreign Direct Investment.
• Unlike the command economy, the present Chinese economy adopted the ‘Open Door Policy’ wherein it generated high productivity by investments of capital and technology from abroad.
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