If you are looking for an authoritative but generally easily digestible book focusing on the Chinese economy, then a recommended read is Barry J Naughton's ‘The Chinese Economy: Transitions and Growth'. This provides an overarching study of the contemporary Chinese economy by someone who is an expert on the subject. Naughton offers considerable coverage, providing an engaging look into the way that this superpower's economy has evolved since 1949. Rather than simply reiterating facts which can be gleaned elsewhere, the author offers genuinely original insights based on strong research.

This book is to be recommended as an essential purchase for anyone with more than just a passing interest in the economy of China and the way it has developed from a mostly rural and agrarian structure into one of the world's largest and most technologically innovative. It would be suitable for students, scholars, academics and policymakers, but especially anyone in the business community. There are background chapters on China's pre-1949 economy, focusing on industrialisation, reform and the many complicated sociological factors that have been influencing the development of this market ever since.

The growth of international trade and foreign investment is given particular attention, as is the introduction of macro-economic cycles within the economy. Naughton's study also analyses that way the Chinese economy has developed in tandem with global trends. The book places China's ever-evolving economic status and market strength in the context of the growth of other advanced industrial countries, such as Japan and United States of America. It demonstrates how China's relationship with Western nations, historically categorise by mistrust on both sites, has evolved into something altogether more dynamic.

It is a complex subject matter, but one that has been changing for some time and continues to change as Chinese markets adapt to the myriad challenges of the 21st century. As this colourful nation becomes an increasingly key player in the global stage, interest in this subject will grow exponentially. This excellent study deserves to be regarded as one of the authoritative books on the topic, and will help to develop understanding of the many complex strands that weave together to form the the economy of the world's next superpower.

‘The Chinese Economy: Transitions and Growth', published by MIT Press, 2007. ISBN 0262140950, 9780262140959. 528 pages.

The author, Barry Naughton, is Professor of Chinese Economy and Sokwanlok Chair of Chinese International Affairs at the University of California, San Diego.

Profile of Rong Yiren, economic visionary

Rony Yiren, nicknamed the ‘Red Capitalist', was one of the key players in the inexorable shift of the Chinese economy from an inwardly-focussed ‘sleeping giant' into one of the world's leading trading superpower s. As the nation's Vice President of China for much of the 1990s, he oversaw a crucial transition period for China.

Born in 1916 in Wuxi, near Shanghai, both his father and uncle were founders of a successful cotton mill. He was educated at St John's University, a Christian institute that was widely regarded as one of China's finest and most prestigious colleges. He was still in his 20s when he was given full responsibility for the running of all the 24 mills of the family business.

There followed a tumultuous period for China, as the old shackles were thrown off and Civil War between rival political factions, Communist and Nationalist, engulfed the country. Unlike most of the business community who decided to either take exile alongside the fleeing Nationalist government in Taiwan, or seek refuge in the British protectorate of Hong Kong, Rong's family remained loyal to China. They maintained their private business until 1956, when commercial enterprises were nationalised. His family received a compensation fee of around $6 million. A year later Rong was appointed vice-mayor of Shanghai, before being promoted to the position of economic advisor for the Communist Party.

There followed a difficult period, with radical youth groups such as the Red Guards denouncing everyone they suspected of harbouring loyalties to the old Nationalist regime. Rong was condemned as being one of these capitalist sympathisers, losing much of his personal wealth and even receiving death threats. He was demoted to the status of a janitor for a while. However, he received protection from Zhou Enlai, the First Premier of the People's Republic, and was shielded from further mistreatment.

Upon the death of Mao Zedong and the conclusion of the so-called Cultural Revolution, Rong became an advisor during the period of China's economic opening, instigated by Deng Xiaoping, the reformist leader of the Communist Party. In the late 1970s China truly began to explore new and radical ways of socialist thinking. The new revolutionary aim was to combine the historic aspirations of catering to the needs of all the people with the potential for development offered by entering the free market. From this moment, China was open for business for Western enterprises who were hungry for investment opportunities.

Rong risked further political ostracising in 1989 when he suggested the Party leadership negotiate with the disaffected students staging demonstration in Beijing's Tiananmen Square. In the end, the crisis passed and he was appointed to the ceremonial post of China's Vice President in 1993. Five years later, Rong retired, leaving a hugely influential legacy for his nation. Unfortunately the great economic visionary died in October 2005.

As well as his political nous in assisting with China's economic modernisation, his impact on its business world was immense. He was listed as one of the richest men in Asia and his family fortune is estimated at around $1.9 billion.

News from the Chinese tourist industry

China's lucrative and booming tourist industry continues to be one of the most important players in the country's economy. Since economic liberalization was kick-started by Deng Xiaoping in 1978, the investment and export-led aspects of the economy have grown by almost 100%. As well as representatives from the business world, China has also become a magnet for leisure visitors. In 2010 there were around 55.7 million visitors to China, making it the world's third most-visited destination for tourists.

As well as enticing foreign visitors, China enjoys a vast domestic tourist market. In October 2012 it was gauged that an estimated 740 million Chinese chose to holiday within the borders of their own country.

Amongst the many events which have attracted tourists, both domestic and international, was October's ‘Golden Week' holiday. During this period China's 119 major scenic hotspots received a total of 34.25 million visitors in eight days – accounting for a rise of over a fifth in numbers compared to the corresponding tally from 2011. These visitor totals also boosted the revenues coming into the country to the tune of 1.77 billion Chinese Yuan, according to National Tourism Administration.

There were many draws which were popular, including the Confucius Temple in Nanjing, capital city of the Jiangsu province in the east of the country. Other traditionally well-visited locations, such as the Forbidden City, proved to be as potent as ever in attracting curious holidaymakers. Indeed, this ancient treasure trove of architectural delights received record visitor numbers – in the Tuesday of the Golden Week, 186,000 people dropped by. This figure represents the largest single-day number of visitors ever received by the iconic Chinese location.

The government policy of exempting passenger cards from road tolls during Golden Week saw huge numbers of individual road travellers, leading to some congestion around the restaurants and scenic spots. However, according to the Ministry of Transport, although a record 80.8 million road travellers thronged China's highways during Golden Week, this was eased by the fact that rail travel saw an increase of over 9%, with passenger figures rising to 61 million.

During this time, all of China's 119 centrally monitored scenic hotspots reported double-digit growth in tourists coming through their doors and revenue generated.

Related info on China National Tourist Offices

NetEase - a Chinese internet sensation

While the success of companies at the forefront of the so-called ‘dot com' revolution have peaked and waned over the years, there are many continual success stories. Amongst these is NetEase, the Chinese internet company that operates the popular portal 163.com.

Since it was founded in 1997, NetEase has gone from strength to strength, partially down to its heavy investment in search engine technology, as well as other hugely popular ventures like multi-player gaming and ‘Fantasy Westward Journey'. The latter is a classic example of what is known as a ‘massively multiplayer online role-playing game'; indeed, with registered users reaching 25 million in August 2005, it is China's most popular online game. Together with the equally popular ‘Westward Journey II', these games are both inspired by ‘Journey to the West' (regarded as one of the four great classic novels of Chinese literature, written during the Ming Dynasty of the 16th century, and translated into English-speaking countries as ‘Monkey').

The instigator and chief architect of NetEase was internet entrepreneur William Ding (Ding Lei). An innovator in the field of technology, Ding received the prestigious Wharton Infosys Business Transformation Award for his skills and dedication, resulting in him becoming one of the wealthiest individuals in China.

As of May 2012, NetEase had gained a market value of $8.7 billion (US dollars), employing a workforce of some 6,000. The 163.com domain that is hosted by NetEase (simplistically put, the Chinese version of a giant search engine facility like Google) attracted upwards of 1.8 million annual visitors in 2008, according to a survey by web traffic analysts Compete.com. Two years later it had risen to the 28th most visited website in the globe, as determined by the Alexa internet rankings. These statistics meant that the NetEase site was drawing a larger scale of internet traffic than massively popular websites such as Apple, LinkedIn, Flickr, the BBC site, AOL, CNN and Adobe, amongst many other traditionally visitor-heavy sites.

The latest innovations being offered by China's most influential website include a mobile device app known as ‘Fan Fan', dedicated to recommending the best places to eat.