Events
China's Reform and Opening Up
Also Known As Reform and Opening-Up
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At the Third Plenum of the Chinese Communist Party's 11th Central Committee in December 1978, Deng Xiaoping consolidated power and launched a gradual, experimental shift away from three decades of a centrally planned command economy. Reform began in the countryside with the household responsibility system, which let farming families lease land and sell surplus output at market prices in place of collective farming, and extended into special economic zones opened to foreign trade and investment. Since 1978, China's GDP has grown at an average of more than 9 percent a year, lifting an estimated 800 million people out of extreme poverty.
Facts
Cross-Tradition Connections
Associated With
The PBC''s 1983 restructuring into a dedicated, exclusively monetary central bank, no longer a commercial lender, was a direct institutional product of the reform era.
Associated With School
Why this is disputed. Institutional economists read the reforms chiefly through the gradual redefinition of property rights (the household responsibility system); other accounts weight market liberalization and export orientation more heavily.
Sources
1. China Overview
World Bankcountry overview pageQuote, country overview page
Since 1978, the beginning of China's reform and opening up period, GDP growth has averaged over 9 percent a year, lifting almost 800 million people out of extreme poverty and transforming China from a low-income to upper-middle-income country.
1. China Overview
2. Wikipedia
Wikimedia FoundationChinese economic reformQuote, Chinese economic reform
the reforms were launched by the ruling Chinese Communist Party (CCP) on December 18, 1978 at the third plenary session of the 11th CCP Central Committee
2. Wikipedia
Wikimedia FoundationAssociated With: People's Bank of China, People''s Bank of China, Early reform era sectionQuote, Associated With: People's Bank of China, People''s Bank of China, Early reform era section
In September 1983, the State Council had promulgated that the PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities.
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