Chinese Hotel Industry- Values

Introduction
Since the implementation of economic reform and opening up in 1978, China has adopted a pragmatic approach to running the economy which has resulted in a socialist market economy with Chinese characteristics.
This socialist market economy has allowed China to maintain her socialist status but adopt practices of other advanced economies to modernise the country and to improve the standard of living for her people. For example, while land still belongs to the socialist state, the right to use it for 30, 50 or 70 years can be the same as in any capitalist country. Economic reforms initially in the primary sector, followed by the secondary sector and recently in the tertiary sector such as retailing, have released the dynamic force of individual initiatives. This combined with the rapid growth of foreign investment have propelled the economy at double digit growth at a time when the whole Western world is agonising with the pain of high unemployment-rates and continued down...