Final answer:
China achieved economic growth by transitioning from a socialist command economy to a mixed economy with market-oriented reforms. The opening to foreign investment, creation of SEZs, and embracing globalization were key factors in China's rapid development. Multinational corporations and agricultural advancements also contributed to China's economic success.
Step-by-step explanation:
How China Achieved Rapid Economic Growth Through Capitalism:
Since the late 1970s, China has experienced rapid economic expansion by shifting from a command economy to a more market-oriented economy. This transformation began under the leadership of Deng Xiaoping, who implemented policies that opened China up to foreign investment and introduced some aspects of capitalism while maintaining its communist governance structure. Multinationals played a significant role in this modernization, leading to the establishment of many factories and the creation of jobs, ensuring economic progression. The construction of Special Economic Zones (SEZs) was strategic for urban development, particularly in coastal cities, and further stimulated economic growth.
China's approach to improving agricultural production, its embracement of international trade and investment, as well as its integration into the global economy have all contributed to its remarkable rise. By joining the World Trade Organization (WTO) in 2001 and becoming the world's second-largest economy in 2010, China positioned itself as a central player in global markets. The predicted overtaking of the United States as the world's largest economy by 2030 is a testament to its sustained growth and successful adoption of market-oriented reforms.