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9 Cards in this Set
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Since 1949-1978 China maintained a command economy. A large share of the country's economic output was directed and controlled by the state. The state set production goals, controlled prices, and distributed resources throughout the economy. |
1.Jenisha |
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Three-fourths of the country's industrial production was produced and owned by the state. Almost no private businesses or companies were invested in China. China's Gross Domestic Product (meaning the value of all the finished goods and services produced)grew at an average rate of 5.3 percent from 1960 to 1978. The reason why the average rate was low is because the government put little effort in profitability and competition. |
1.Laura |
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Resulting this issue China's standards were lower than other developing countries. So, in the late 1970's the government took action in steps to improve the economic growth and raise the standards. |
2.Jenisha |
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The first move was made in 1978 when they concentrated on the agriculture production system. The central government let the farmers sell a portion of their crops in the free market. Also they worked on trade, by attracting foreign investments, boosting their exports and importing high technology products into China. |
2.Laura |
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The economy produced higher economic growth that by the middle of the 1980's the government selected some regions and cities to be a market economy. The agricultural output doubled and industries demonstrated a significant gain. |
3.Jenisha |
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In late 1993, China's leadership approved on the market economy which allowed the state to continue. Since the change in economy, it helped China's average rate into 8 percent a year. Since now parts of China are slowly turning into market economies. |
3.Laura |
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Canada's second greatest trading partner is China. China and Canada's unofficially began trade when Prime Minister John Diefenbaker opened up the Chinese market for Canadian farmers in the 1960s. After Official relationship between Canada and China were established in 1970 |
4.Jenisha |
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China's Agriculture is very important. There is over 300 million farmers in China, that produces rice, wheat, potatoes, peanuts and many more. |
4.Laura |
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According to the statistics China's agriculture the biggest output compared to any other countries. However, only 15 percent of the land in China can be used for growing food and crops. Did you know in China rice is the most important food that is produced? |
5.Jenisha |
