POST COLD WAR WORLD
RISE OF CHINA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Created a state-owned heavy industries sector from the capital accumulated from agriculture
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Employment and social welfare was assured to all citizens
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Substituting imports by domestic goods
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None of the above
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Detailed explanation-1: -In 1949 China’s economy was suffering from the debilitating effects of decades of warfare. Many mines and factories had been damaged or destroyed.
Detailed explanation-2: -Starting in 1970, the economy entered into a period of stagnation, and after the death of Mao Zedong, the Communist Party leadership decided to abandon Maoism and turn to market-oriented reforms to salvage the stagnant economy. The Communist Party authorities carried out the market reforms in two stages.
Detailed explanation-3: -The adoption of economic reforms by China in the late 1970s led to a surge in China’s economic growth and helped restore China as a major global economic power.
Detailed explanation-4: -Since China began to open up and reform its economy in 1978, GDP growth has averaged over 9 percent a year, and more than 800 million people have lifted themselves out of poverty. There have also been significant improvements in access to health, education, and other services over the same period.