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Question
In what ways does the present Chinese economy differs from its command economy?
Solution
The present Chinese economy has adopted the ‘open door policy’ to generate higher productivity by investments of capital and technology. It differed from its command economy in the following manner:
- It broke stagnancy of command economy.
- Command economy lagged behind the industrial production but Chinese economy recovered it by privatisation of agriculture and industry.
- The present Chinese economy established new trading laws and created Special Economic Zones leading higher rise in foreign trade. During Command economy the international trade was minimal and per capita income was very low.
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