China celebrates 60 years of communism/ capitalism; Ready to reclaim pre-1890 status as world’s biggest economy?
Oct 1st, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
China today celebrated the 60th birthday of the founding of the communist People’s Republic of China with a huge military and civilian parade through the centre of Beijing. The tributes were to communism but it was only half way through the period, from 1979, that years of misery and a bitter harvest during the upheaval of the Cultural Revolution in the 1960s, gave way to dramatic rises in the standard of living of a significant number of the population, through the movement to capitalism. China had the world's biggest economy until 1890.