This was in event of the rise of modernism and the increasing demand of urban dwellers that desired to seek products that were not Chinese in particular. The modernisation program saw a major setback and economic inactivity again became prevalent. However, the leaders realised this and in 1978 started a full-fledged plan to economic revival. This gave way to more stabilised growth over the period of few decades. The introduction of private business was a major progressive event in the journey to economic revival, and price flexibility was established in the market. This led to a market system which was more open, transparent, demand and supply based, and relevance of open pricing made the market more attractive. Thus, the 1960s and 1970s saw multiple failures and successes of the Chinese economy with different leaders testing different theories as per the feasibility.
The current China is in more ways different from the China of 1960s and 1970s. The current China is more powerful in the areas of economic stability, share of the global trade, privatisation and centrally led economic policies (Hsü, 2000). China today is more open to foreign investments than it has ever been in the past, and it is, therefore, making more progress in each sector which it is trying to make competitive. With global companies present in China and selling their products in each sector, the knowledge and the skills required for remaining competitive have been growing in an unprecedented way. The country today is the largest owner of the US dollar which makes it more reliable in its economic prowess and its ability to allow and enter many international markets. It is in a position to lead the Asian countries, including India, to new heights in the wake of the protectionism approach that UK and the US under Trump are being executed. However, with all the progress, it has become more arrogant of its position and power. It continues to capture uncharted territories in the South China Sea, and claims over miles of open sea that to this date remain disputed with other Asian nations.
China today is increasing its defence investment and capabilities to a level not seen before, which it uses to intimidate other nations like India, Vietnam and Philippines etc. The setting up of several global special economic zones has made economic history and gave financial freedom to millions of households, but at the same time, it has destroyed its climate safety net by massive industrialisation (Benson, 2016). This climate disaster is creating new issues for the country, and is poised to give rise to multiple natural disasters if not checked properly. Decentralisation of provincial territories allowed new leaders to experiment and take relevant decisions for its province that gave rise to more meaningful and overall economic growth. It has become a successful socialist market economy now, and pledges to open up more when other nations are seeking to curtail international investments back. This period for China is more crucial than any other, since it will be tested in its capacity of being superiorly competitive. In all, it has not led its citizens to a highly superior education, but converted half of the nation into a mass labour market. Innovation and creativity is rare in China, which will lead to disastrous dependable policies for its future businesses.