China's economy was rocked by the global financial crisis in late-2008, but a massive fiscal and monetary stimulus helped to pull the economy back to 8.7% growth in 2009. China remains highly dependent on exports and investment for growth, though policy makers have been trying to steer the economy toward domestic demand since at least 2005 when President Hu Jintao’s vision of a “harmonious society” was embraced by the government’s planners to reduce China's reliance on the rest of the world for growth. Although China has embraced capitalism since reforms started in 1978, the Chinese Communist Party still holds onto some of the vestiges of a planned economy with its five-year plans and control of the commanding heights of the economy through state-owned enterprises.
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