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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Economic policies were based on the ideas of the Cultural Revolution
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Collectivization of agriculture was introduced into the economy
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Foreign investment in the economy was encouraged
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Privatization of industry was outlawed
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Detailed explanation-1: -The reforms carried out by Deng and his allies gradually led China away from a planned economy and Maoist ideologies, opened it up to foreign investments and technology, and introduced its vast labor force to the global market, thus turning China into one of the world’s fastest-growing economies.
Detailed explanation-2: -After Deng Xiaoping implemented the household responsibility system, agricultural output increased by 8.2% a year, compared with 2.7% in the pre-reform period, despite a decrease in the area of land used. Food prices fell nearly 50%, while agricultural incomes rose.
Detailed explanation-3: -China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached $USD 2.286 trillion in 2005.
Detailed explanation-4: -As the most powerful figure in the People’s Republic of China from the late 1970s to the late 1990s, Deng Xiaoping spearheaded changes in China that led to a rapidly growing economy, rising standards of living, and growing ties to the world economy, and also considerably expanded personal and cultural freedoms.
Detailed explanation-5: -The shift to an open-door economic policy ushered in a period of high economic growth in the first half of the 1980s. The economy stagnated around the time of the Tiananmen Square Incident in 1989, but in the first half of the 1990s, China was again boasting high growth rates.