Introduction

The Chinese economy has undergone significant transformations since the era of its command economy. The present Chinese economy is characterized by a mix of market-oriented reforms and elements of state control. This shift has resulted in several key differences between the present Chinese economy and its previous command economy.

1. Market-oriented reforms
- In the present Chinese economy, there has been a shift towards market-oriented reforms, with a greater emphasis on supply and demand dynamics. This has allowed for more flexibility and efficiency in resource allocation.
- The government has introduced market mechanisms, such as price reforms, to determine the prices of goods and services. This has led to the growth of a competitive market environment.
- Private enterprises and foreign investment have been encouraged, leading to the development of a vibrant private sector. This has significantly contributed to the overall economic growth of China.

2. Decentralization of decision-making
- Unlike the command economy, decision-making in the present Chinese economy is more decentralized. Local governments and enterprises have a greater degree of autonomy in their economic activities.
- The central government has delegated economic decision-making powers to lower levels, allowing for more experimentation and innovation in economic policies.
- This decentralization has also led to regional disparities, with some areas experiencing faster economic growth than others.

3. State intervention
- Although market-oriented reforms have been implemented, the Chinese government still maintains a significant level of control and intervention in the economy.
- State-owned enterprises (SOEs) continue to play a crucial role in strategic sectors such as energy, telecommunications, and finance. The government exerts influence over these SOEs through various means, including appointments of top executives and strategic guidance.
- The government also implements industrial policies to promote certain sectors deemed critical for national development. This includes providing subsidies, tax incentives, and infrastructure support.

4. Planning and regulation
- While the command economy relied heavily on centralized planning, the present Chinese economy combines planning with market mechanisms.
- The government sets economic targets and formulates medium- and long-term plans, such as the Five-Year Plans, to guide economic development. However, these plans are more indicative rather than prescriptive.
- The government also regulates economic activities through various policies and regulations to ensure social stability, environmental protection, and fair competition.

Conclusion
The present Chinese economy differs from its command economy in several ways. It has embraced market-oriented reforms, decentralization of decision-making, a mix of state intervention and market mechanisms, and a combination of planning and regulation. These changes have contributed to China's rapid economic growth and transformation into one of the world's largest economies.