The Economy of Modern Day China

The video explores China's transformation into an economic superpower, focusing on Deng Xiaoping's reforms that shifted China from a centrally planned economy to a mixed market economy. It highlights the role of international trade and special economic zones in China's growth, while acknowledging the resulting wealth disparities. The video concludes with a discussion on China's potential future as a leading global economy.

What is the current global economic ranking of China as mentioned in the video?

• Fourth

• First

• Second

• Third

Who was Deng Xiaoping in the context of China's economic transformation?

• Minister of Finance

• Chairman of the Central Advisory Committee

• Chairman of the Communist Party

• President of China

What was one of the key initiatives of the Chinese modernization program?

• Abolishing private enterprises

• Nationalizing all industries

• Rewarding productive workers and managers

• Increasing military spending

What was a significant challenge faced during the initial rollout of China's new economic system?

• International sanctions

• Severe winters causing crop failures

• Political unrest

• Lack of skilled labor

What was the primary focus of China's economy before embracing international trade?

• Colonial expansion

• Service industry

• Domestic market reliance

• High-tech manufacturing

Which city was mentioned as a special economic zone near Hong Kong?

• Guangzhou

• Shenzhen

• Shanghai

• Beijing

What was Deng Xiaoping's famous quote regarding wealth distribution?

• Everyone should remain equally poor

• Some must get rich first for others to follow

• Only the government should control wealth

• Wealth should be distributed equally

What is the current economic base of China as discussed in the video?

• Manufacturing and services

• Agriculture

• Mining

• Tourism

How does the video describe the current state of government control over China's economy?

• Privatized

• Minimal government involvement

• Still centrally planned

• Completely liberalized

What historical comparison is made to predict China's future economic trends?

• The American industrial revolution

• The Roman Empire

• The Japanese economic miracle

• The British Empire