Question

1978 to 1992 that period was the first phase of market reform in China. Question: How did the reform start? And what are the main elements of these reforms? What was the extent of the success of the reform program? State your view.

Answer 1

After the death of CCP(China Communist Party) first communist leader of Mao Zedong in 1976, the China economic progress completely decline. In the year 1978, the Deng Xiaoping initiated to build the economy of China. He was studied and worked in France at the time of 1920 and a great follower of Marxism and Leninism. He contributed to bringing back China from great economic depressive stage to world’s largest economy at fourth place.

Let see some of the reforms done under his leadership in China:

CCP- Chinese Communist Party initiates reforms under the leadership of Deng after backed to his power in 1978, “household responsibility system” it means, they have given a right to ownership for a farmer on his/her own producing their agricultural crops.

In 1979, they have brought the reform related to reducing the child to only one. The main reason to bring this reform is population is growing more and there is no limit for birth control. On the other side, economic progress declined to produce the necessary commodities for the whole population of China. That is the main reason implemented the reform to birth only one child.

In 1980, Shenzhen city of China was made the first SEZ (Special Economic Zone) city changed from fishing village to great manufacturing and shipping industry. This was a great step to change the economy in the home and international market.

In the year 1990, the China Communist Party (CCP) operates the Shanghai stock exchange was the first time launched in the history of the country.

In the year of 1992, the Deng visited southern China and explained well about the market liberalization to whose opposed to this reform. This was the great and important step taken by him to change the economic reform and growth well.

The above reforms made by Deng after came back to the position again and done a great contribution for stood China in one of the world’s largest economy from the depressive state of economic level.