how was trade in China operated
Answers
Answer:
Trade is a key factor of the economy of China. In the three decades following the formation of the Communist Chinese state in 1949, China's trade institutions at first developed into a partially modern but somewhat inefficient system. The drive to modernize the economy that began in 1978 required a sharp acceleration in commodity flows and greatly improved efficiency in economic transactions. In the ensuing years economic reforms were adopted by the government to develop a socialist market economy. This type of economy combined central planning with market mechanisms.
Answer:
Foreign exchange and reserves were controlled in the mid-1980s by the State Administration of Exchange Control under the People's Bank of China, the central bank. Foreign exchange allocations to banks, ministries, and enterprises were all approved by the State Administration of Exchange Control.