``China has experienced rapid economic growth owing to the introduction of economic reforms in 1978.'' Elaborate any two economic reforms introduced by China.

Question

Accepted Answer

Economic reforms introduced by China in 1978:

1. Agriculture Reforms:
- Commune lands divided
- Allocated to households
- Market access for surplus

2. Industrial Liberalization:
- Private sector allowed
- Township enterprises promoted
- SOEs faced competition

3. Open Door Policy:
- Foreign investment attracted
- Technology transfer
- Export promotion

4. Special Economic Zones:
- Established in coastal areas
- Tax incentives for investors
- Export processing

These reforms transformed China's economy and led to rapid industrialization and growth.