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Economic, Banking and Financial Reforms Role for Agricultural Development in China

Rehman A, Jingdong L, Hussain I

Abstract


The main objective of this paper is to present and enumerate the economic, banking and financial reforms role and their performance for agricultural development in china. In 1987, China introduced economic reforms and market principles were carried out in two stages. In the first stage 1970-1980, involved the de-collectivization of agriculture, opening the country to foreign investment, and authorization for entrepreneurs to start business. But, most of the industries remained state-owned. The second stage of reform 1980-1990, tangled the privatization and contracting out of the much state-owned industries and the elating of price controls, protective policies and regulations. While the state dominations in different sectors such as banking and petroleum endured. From 1978 to until 2015, extraordinary growth occurred, with increasing economy by 9.5% a year. The private sector grew strangely 70% of China gross domestic product (GDP). China has a total population of approximately 1,300 million people distributed among 23 provinces, 4 independent regions, 4 municipalities including Hong Kong and Macau; 18 of those provinces have a population between 90 and 35 million. It has more cities of 1 million-plus population than the rest of the world combined. In the middle of China’s stated-owned initiatives there are 700 that employ more than 100,000 people and economy produce 10 million to 15 million new jobs every year.


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