Question

Which of the following points are causes for the rise of the Chinese economy.

1. The first major decision was to end its political and economic isolation with the establishment of relations with the United States in 1972.
2. They started with the privatization of agriculture in 1982, followed by the privatization of industry in 1998.
3. Privatization of agriculture led to a remarkable rise in agricultural production and rural incomes.

विकल्प

• i only

• ii only

• i & iii

• i, ii & iii

Answer 1

i, ii & iii

Explanation:

The Chinese made some major policy decisions, which contributed to the Chinese economy's growth. They are as follows:

1. With the establishment of relations with the United States in 1972, the country's political and economic isolation was lifted.
2. Premier Zhou Enlai, China's leader, proposed the "four modernizations" (agriculture, industry, science and technology, and military) in 1973.
3. By 1978, China's then-leader Deng Xiaoping had announced an open-door policy and economic reforms. The policy goal was to boost productivity through foreign capital and technology investments.
4. They began with agricultural privatization in 1982, followed by industrial privatization in 1998.
5. Agriculture privatization resulted in a significant increase in agricultural output and rural income.
6. Personal savings are high in the rural economy, which leads to exponential growth in rural industry. The Chinese economy grew faster, including both industry and agriculture.
7. Only in Special Economic Zones (SEZs) where foreign investors could set up businesses were trade barriers removed. Foreign trade increased dramatically as a result of new trading laws and the establishment of Special Economic Zones.