Economic History of Pakistan & China Essay

6704 WordsJan 6, 201427 Pages
Economic History Of China: In the fifty years since the founding of the People's Republic of China, especially in the two decades since the initiation of reform and opening to the outside world, China's socialist construction has scored great achievements that have attracted world attention. The national economy showed a rapid and sustained growth, the overall strength of the country expanded noticeably, the standard of living of the people improved with the passage of time and unprecedented results have been achieved in such undertakings as science and technology, education, culture, health and physical culture. After 1949, China first went through three years of economic rehabilitation. In 1953, the First Five-Year Plan for Economic and Social Development was worked out and implemented. During this period, China established more than 100 large industrial enterprises in some basic industries which had remained weak links until then as well as some new industrial sectors such as aircraft manufacturing, automobile, tractor, power generating equipment, metallurgical equipment, mining machinery, heavy and precision machinery, thus laying a preliminary foundation for socialist industrialization. In the decade from 1956 to 1966 prior to the eruption of the Cultural Revolution, socialist construction was carried out in an all-round way. New industries like electronics and petrochemical engineering came into being and the industrial layout was improved. China achieved complete self-sufficiency in oil supply from 1965 onwards. The capital construction and technical upgrading of agriculture were launched on a large scale and results were achieved gradually. Remarkable success was also achieved in science and technology. However, the "Great Leap Forward" in 1958 plus the then natural calamities severely affected the development of the national economy. In the winter

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