China China initiative economic reforms in which year?
a.1997
b.1972
c.1975
d.1978
Answers
Answer:
1978 to 1984
Explanation:
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Answer:
The Chinese economic reform (simplified Chinese: 改革开放; traditional Chinese: 改革開放; pinyin: Gǎigé kāifàng; literally: 'reform and opening-up'; known in the West as the Opening of China) refers to the program of economic reforms termed "Socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) which reformists within the Communist Party of China—led by Deng Xiaoping—started in 18 December 1978.
Before the reforms, the Chinese economy was dominated by state ownership and central planning. From 1950 to 1973, Chinese real GDP per capita grew at a rate of 2.9% per year on average, albeit with major fluctuations stemming from the Great Leap Forward and the Cultural Revolution. This placed it near the middle of the Asian nations during the same period,[1] with neighboring capitalist countries such as Japan, South Korea and rival Chiang Kai-shek's Republic of China outstripping the PRC's rate of growth.[2] Starting in 1970, the economy entered into a period of stagnation,[3] and after Mao's death, the Communist Party leadership turned to market-oriented reforms to salvage the failing economy.[4]
The Communist Party authorities carried out the market reforms in two stages. The first stage, in the late 1970s and early 1980s, involved the de-collectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start businesses. However, most industry remained state-owned. The second stage of reform, in the late 1980s and 1990s, involved the privatization and contracting out of much state-owned industry and the lifting of price controls, protectionist policies, and regulations, although state monopolies in sectors such as banking and petroleum remained. The private sector grew remarkably, accounting for as much as 70 percent of China's gross domestic product by 2005.[5] From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year. The conservative Hu Jintao's administration regulated and controlled the economy more heavily after 2005, reversing some reforms.[6]
The success of China's economic policies and the manner of their implementation resulted in immense changes in Chinese society in the last 40 years, including greatly decreased poverty while both average incomes and income inequality have increased, leading to a backlash led by the New Left. In the academic scene, scholars have debated the reason for the success of the Chinese "dual-track" economy, and have compared it to attempts to reform socialism in the Eastern Bloc and the Soviet Union; as well as to the growth of other developing economies. Additionally, these series of reforms have led to China's rise as a world power and a shift of international geopolitical interests in favour of it over Taiwan.
The reform era has been said to end during the leadership of Xi Jinping,[7][8][9] who generally opposes the reforms and has rolled back many of the Deng-era reforms[10][11][12] as the Communist Party reasserts control over different aspects of Chinese society, including the economy.[13][14] In 2018, China expert Minxin Pei has argued that the Chinese economy is
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