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China - Reform & Opening up (Great Leap Forward (Homemade Steel, About…
China - Reform & Opening up
Background Information
Started in 1978
Poor economy before the reform
From 1966-1976, the whole China was in chaos
During 1966-1976, No education to the public
Economic Impact
Better Technology
Semi Free-market
Negative effect -> Became even more poor
Foreign trading allowed
Political aspect
Unstable
Chaotic
In mid 1978, Deng Xiaoping proposed to open up the country to foreign trading to develop the economy
Changed from planned economy to market economy
Great Leap Forward
Homemade Steel
About 40 million population died during the event
Described as "Disaster"
No positive impact on the country
By 1976, Chinese economy collapsed
Due to hunger, cannibalism was performed
Use rationing system