Economic Reform under Deng Xiaoping

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What was the Chinese economy like in 1976?
Wasteful, bureaucratic, inefficient, technologically backward, unproductive
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What was wrong with Hua's 10 year plan?
Focused on heavy industry, involved moving many workers from agriculture to ambitious new industrial projects- too ambitious, not enough capital
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What were the Four Modernizations?
Agriculture, Industry, Science & Technology, Military
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What was the 'Market Mechanism'?
Economic policy of decentralisation
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What was the Household Responsibility System?
A system implemented in the early 1980's which allowed families to run their own private plots and sell surplus crops for profit.
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What was the Open Door Policy?
An economic policy allowing trade with the West
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What were Special Economic Zones?
Areas where foreign investment was encouraged
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What were Township and Village Enterprises?
Small, private businesses set up in rural China which were involved in providing services and light industry
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What was the 'Iron Rice Bowl'?
Complete job and wage security for state employees
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In what year were diplomatic relations with the USA restored?
1979
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In what year did China join the IMF and World Bank?
1980
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What were the main consequences of economic reform?
Social inequality, 10% economic growth per year, unemployment, inflation, loss of job/wage security, consumer goods, private ownership
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Card 2

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What was wrong with Hua's 10 year plan?

Back

Focused on heavy industry, involved moving many workers from agriculture to ambitious new industrial projects- too ambitious, not enough capital

Card 3

Front

What were the Four Modernizations?

Back

Preview of the front of card 3

Card 4

Front

What was the 'Market Mechanism'?

Back

Preview of the front of card 4

Card 5

Front

What was the Household Responsibility System?

Back

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