Economics in China

The official support of a market-based economy that came from Deng Xiao Ping in 1992 has resulted in a more open system of trade for China, and subsequently a huge growth spurt in China's economy. The economic reforms which Deng instigated culminated in a "socialist market economy", a term which was actually incorporated into the Chinese constitution during the National People's Congress in March 1993. Since that time, China's economy has experienced a substantial boost in regards to living standards, quality of food and spendable income. While these elements expand opportunities for U.S. exporters, factors such as inflationary pressure, irrational foreign exchange controls, and restrictive trade practices have created numerous barriers.