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Economics and Business of the Asia Pacific 1. Discuss the major economic reforms made by China since 1978 and assess their effectiveness The reforms undertaken in
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Submitted by hele_07 on March 3, 2007
Category: Business
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1. Discuss the major economic reforms made by China since 1978 and assess
their effectiveness
The reforms undertaken in China so far have been instrumental to economic development; since the reform agenda was established China has experienced an average of almost 10% annual growth per year. However China has taken a gradualist approach to reform, introducing win-win' changes to combat problems in the economy. This approach has left some important areas still in need of major reform, areas where reform is likely to be much more difficult to implement and where so far attempted reforms have brought little progress. Successful reforms in these areas are pivotal, if they are not to become major obstacles to further economic development. As reforms have been key to economic development and future reforms will be important to continued development it is an important area to understand.
Marking Scheme
Students should discuss China's approach to reform, points may include:
- Gradualist, no explicit plan to become market economy, no model to follow, reforms to solve problems and speed up economic growth, no economic crisis, aim to make China more wealthy and powerful, partial reforms used to prepare ground for full reform, slowly moved from centrally planned economy towards full market economy
Students should be aware of the major reforms that have taken place and have understanding of the policies implemented. Better answers will recognise the reasons behind each reform and comment on its contribution to economic growth, as well as identifying any possible further reforms needed in each area:
1. Rural economy reforms
De-collectivisation, ending commune system and implementing household responsibility system, freeing up of agricultural markets through dual price track system
Gave financial incentive for increased production.
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