Economic Systems: Why is Communist China doing so well? Micro Topic 1.2

Mr. Clifford explores China's economic success, questioning if communism is the reason. He observes that China's economy is more market-driven, with special economic zones fostering growth. Despite being a communist country, China differs from North Korea by allowing free markets. Challenges like lack of democracy and rigid education persist. The video concludes that China's success is due to a market economy with socialist traits.

What observation does Mr. Clifford make about the economic activities in Xiamen?

• There are no international brands present in the city.

• There is a vibrant free market with various consumer goods available.

• The city operates under a traditional communist system.

• There are strict government controls on all businesses.

What significant change did Deng Xiaoping introduce in 1979?

• He closed China's borders to foreign trade.

• He initiated the Cultural Revolution.

• He established special economic zones to encourage foreign investment.

• He abolished the Communist Party.

How does China's economic system differ from North Korea's?

• China has a completely free market with no government intervention.

• Both countries have identical economic systems.

• North Korea allows more foreign investment than China.

• China combines government control with free market elements, unlike North Korea.

What is one of the limitations mentioned about China's system?

• The education system is highly flexible and creative.

• There is a lack of democracy and free speech.

• The government does not regulate foreign influences.

• There is an abundance of free speech and democracy.

What is a notable characteristic of Chinese students according to the video?

• They have a very short school day.

• They are described as super smart and hardworking.

• They are not very dedicated to their studies.

• They have a lot of school sports and extracurricular activities.