ABSTRACT
Since the economic reforms of 1978, China's shift from a centrally planned economy to a market socialist economy has paid off handsomely for the bulk of the Chinese people: the consequence of rapid economic growth and social development. According to the World Bank, between 1980 and 1990, the poverty in China's overall population went from 542 million down to 375 million representing 167 million Chinese taken out of poverty. China's effort to domestically rebalance its economy has been mixed, but with that said, there's been moderate progress transforming the economy from investment to consumption. Moreover, China reached its Millennium Development Goals (MDGs) by 2015 and at the same time, it made a major contribution to the achievement of the MDGs globally. In April of 2016, China's onshore bond market underwent a major correction due to press releases from China's central bank that the bank intended slow overcapacity in some of China's legacy industries.
