A Short History of Chinese Reforms

Khalid Malik

in Why Has China Grown So Fast For So Long?

Published in print September 2012 | ISBN: 9780198078838
Published online September 2012 | e-ISBN: 9780199081646 | DOI:
A Short History of Chinese Reforms

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This chapter describes the two major periods of reforms in China—the initial reforms (1978–92) and the period of deepened reforms (since 1993). After the chaotic phase of Cultural Revolution, extensive reforms were needed to push forward economic and social progress. Thus, powerful reforms were introduced, which led to phenomenal changes. Agricultural production, along with growth of light and consumer goods industries shot up. However, it suffered from many complexities and contradictions. These were eliminated in the second phase of the reforms. Market liberalization and decentralization were introduced in this period, keeping certain characteristics of a socialist economy intact. A significant reform in this period was the World Trade Organization accession, integrating China with the rest of the world, unlike ever before.

Keywords: China; reforms; Cultural Revolution; collectivization; market economy; Deng Xiaoping; Mao; World Trade Organization; decentralization; privatization

Chapter.  8846 words.  Illustrated.

Subjects: Business and Management

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