China rises to a Global Power with Market Socialism

China Thursday celebrated the 60th anniversary of the Communist Party's rise to power with a spectacular military parade that is billed as the largest ever in Chinese history. It also underlines China's new status as a global power, and throughout the gala celebration "Socialism with Chinese characteristics," a concept developed by the late Deng Xiaoping in 1984, was the phrase heard most often in the official commentary.

“The 60 years of new China have proved that only socialism can save China,” Hu Jintao, the president of China said in his key note address.

“We will unswervingly follow socialism with Chinese characteristics and comprehensively implement the ruling party’s basic theory, basic line and basic programme.”

Economic reforms under a market socialist model began in China in 1979, which has allowed for astonishing economic growth of more than 8 per cent for over two decades. This has induced profound social migration from rural to urban cities and caused major environmental challenges.

Despite the global economic downturn that started in early 2008, the Chinese economy has come out earlier than most of the western economies.

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