China’s rapid industrial growth can be traced back to its reforms in 1978. Do you agree? Elucidate.
Answers
ANSWER:
Yes, China’s speedy industrial growth is tracked back to its various reforms in the year 1978 that were presented in phases. In the starting phase, reforms were presented in foreign trade, investment, and agriculture sectors. Reforms, in the later stage, were introduced in the industrial sector.
EXPLANATION:
China’s speedy industrial growth is the cumulative result of the different economic reforms which were presented in phases since the year 1978. In the starting phase, reforms were presented in foreign trade, investment, and agrarian sectors. The system of collective farming termed as Commune System was employed, where land was partitioned into small plots which were allotted to the individual families.
These families were permitted to keep the residual income from land subsequent to paying taxes to the govt. Reforms, in the later stage, were presented in the industrial sector. Private firms and township and village enterprises were permitted to manufacture goods/services and to compete with the SOEs (State Owned Enterprises).
These reforms also comprised dual pricing. Dual pricing means industrial units and farmers were needed to purchase and sell a fixed number of inputs and output at the govt. fixed price and the balance numbers were sold at the market price. Increasingly, with the speedy rise in the total production in the later years, the numbers traded in the market rose by several folds. The reforms also comprised setting up of Special Economic Zones (SEZs) to draw foreign investors.
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