ABSTRACT
One of the major aims of the Chinese Communist Party (CCP) was to create a socialist economic system with a high degree of industrialisation and modern technology. There was a vision of an economically strong and independent China, but in the post-Mao period economic performance was much better suited to realising the revolutionaries' aims. It can therefore be argued that without the transformation of the economic system from plan to market starting in 1979, the Chinese revolution would not have been necessary. Economic performance in the post-Mao period can be characterised by rapid economic growth without the erratic growth pattern typical for the pre-reform period. During the transition, total factor productivity significantly increased and the living standard of the population improved considerably, which worked as a strong political legitimation of the CCP. Integration into the global economy proved to be advantageous for economic growth. The absorption of foreign capital and technology led to a strong improvement in China's international competitiveness. Although the post-Mao economic transformation created the conditions for higher growth and improved living standards, it did not lead to a 'just society' in terms of 'equality of opportunities'.
