History

The Deng Era:

·        Realism, not theory, should prevail in planning China’s economy.

·        Following strict socialist planning is not always the best path in reality

·        In 1982 he defined his economic aims:

o   Invigorating China’s domestic economy

o   Opening Chinese trade to the outside world

o   Allowing the development of individual enterprises

o   Encouraging joint ventures with both Chinese and foreign investment

·        Deng followed a ‘hands-off’ policy.

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