The People`s Republic of china (PRC) was founded in 1949,and the Chinese Communist Party (CCP) has been in power ever since.Free-market economic reforms since 1978 have transformed the structure of the economy and raised living standards,but politically China remains a Marxist-style party-state.bureaucratic structure.The current fourth-generation leadership,headed by Hu Jintao,began to take on the most senior positions in the leadership at the CCP`s 16th five-yearly national congress in 2002.The handover of power was essentially concluded in September 2004,when Mr Hu replaced the former president,Jiang Zemin,as chairman of the Central Military Commission,the party organisation that tops the military bureaucracy. Even before the programme of economic reform and opening began in the late 1970s, the Chinese economy was characterised by an unusually large share of industrial production in gross output value; in 1979 industry accounted for almost 50% of officially measured GDP.This was particularly striking becausesuch a large percentage of the workforce remained on the land.The secondary sector remains important,accounting for 48.9% of GDP in 2006. Reforms in the early 1980s initially increased the relative share of the agricultural sector.Driven by a sharps rise the procurement price paid for crops and what amounted to a semi-privatisation of agriculture,the share of primary sector output in GDP rose to a peak of 33% of GDP in 1982.Since then ,however,agriculture`s share in GDP has fallen fairly steadily,and by 2006 it accounted for only 11.7% of GDP.During the 1980s,as agriculture`s share in GDP fell,that of the service sector rose.The share of the tertiary sector in total output increased from around 21.8% of GDP in 1982, to peak at 41.5% in 2002, before falling slightly to 39.3% in 2006 as the economy became increasingly skewed towards industry. During the past 20 years China`s economy has been transformed from one in which the industrial sector was largely centrally planned to one which the allocation of resources is increasingly determined by market forces economic reforms have not been carried out according to a comprehansive blueprint,but have rather been piecemeal and ad hoc, best summarised by the Chinese phrase ""crossing the river by feeling for stones."" The process began with the gradual phasing out of communes in the agricultural sector and their replacement by the semi-private household responsibility system,a change that gave individual families the right to keep-and then sell at market-any produce above a set level procured by the government.The government also established Special Economic Zones, the authorities of which given the power to offer tax incentives to attract foreign direct investment (FDI). Over time,reforms have affected all sectors and have become progressively more far-reaching: some markets in China and abroad; private-sector companies have been allowed to be formed: price controls have been lifted; and credit quotas in the banking sector have been a bolished.The list of changes is long.

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