WORLD WAR II
DECOLONIZATION PHASE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government allowed some private ownership of business.
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The government restricted foreign investment.
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The government collected farmers’ surplus produce to distribute to the poor
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The government controlled state-run factories very tightly.
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Detailed explanation-1: -At the same time, in December 1978, Deng announced a new policy, the Open Door Policy, to open the door to foreign businesses that wanted to set up in China. For the first time since the Kuomintang era, the country was opened to foreign investment.
Detailed explanation-2: -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-3: -Drawing inspiration from Lenin’s New Economic Policy, Deng’s theory encouraged the construction of socialism within China by having it develop “Chinese characteristics, ” which was guided by China’s economic reform policy with the goal of self-improvement and the development of a socialist system.
Detailed explanation-4: -How did allowing private ownership of businesses change trade and industry in China? It took some control away from the state.