State the various factors that led in the rapid growth in economic development in china
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The various factors that led to the rapid growth in economic development in China are explained below :
(i) China introduced reforms in phases in 1978. In the initial phase, reforms were initiated in agriculture, foreign trade and investment sectors.
(ii) Commune lands were divided into small plots which were allocated to Individual households for use and not ownership.
(iii) In the later phase, reforms were initiated in the industrial sector. Private sector firms, and township and village enterprises, were allowed to produce goods.
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