Economic Reform In China Post 1978

2356 words, 10 pages

Intro Sample...


China has used a dual track system to reform. Dual tracking refers to adopting some aspects of a market economy while at the same time operating under the old planned economy. Transition from a planned economy to a market economy through the dual-track system reflects the most fundamental characteristic of Chinese economic system reform. It works by developing the elements of a new system side by side with the old unreformed system and then by looking at the results it will then implement the new system gradually by phasing out the old system. It was a system that would experiment as it went. As Deng Xiaoping put it, it was like “grope stones while crossing the river”. This system may seem very time consuming and slow as compared to “big bang reforms” or shock therapy used in Russia and Poland, but it was a way the Chinese government could avoid political conflict that rapid reform may generate.
Chinese economic reform began when agricultural reform was introduced under the household responsibility system. Before this system of reform was introduced Chinese agriculture under the commune system was not efficient. Farmers had no incentive to produce more than the required quota as this did not benefit them at all under the commune system. The work point system that the farmers worked under made sure that the farmers were not rewarded in any way for any extra production therefore increased productivity was non existent. The household responsibility system was a system that was made to improve the income and output of rural households. The idea was that once the government agricultural output quotas were fulfilled, the farm households could sell their agricultural surplus in the private market. The new system was proven to be effective as it created incentive for the farmers to work harder and i View More »

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