PRC: Economic and political transformation (1970-2011)

Neoliberalism mainstream had accelerated People's Republic of China (PRC) economic transformations as it coincided with the period of which PRC's economic transformations began to occur in 1980's. PRC had become the world's fastest growing economy, thanks to the growth rate that it gained 9-11% annually in 1990's. Although Globalization does not have a single outlet or a starting point, its rapid progress after Cold War in 1990s and especially in 2000s has a very important impact upon PRC's economic transformation and its economic integration into the global economic system. PRC's economy which had experienced enormous transformations, achieved vital changes in international level and fully opened its door to the World with a membership in the World Trade Organization in 2001. PRC's integration into the global economic system as a result of globalisation movement and transformations it experienced, has brought an approach which requires PRC taking new responsibilities in the International Relations. Keywords: PRC economy, economic transformation, globalization, neoliberalism.