Which of the following was a feature of the first phase of China's market transition?Group of answer choicesFocus on heavy industry given policy priorityBanking and financial sector reformsDecentralisation and incentivizing SOEsexport oriented growth through joining the WTOThe abolition of dual track price system
Question
Which of the following was a feature of the first phase of China's market transition?Group of answer choicesFocus on heavy industry given policy priorityBanking and financial sector reformsDecentralisation and incentivizing SOEsexport oriented growth through joining the WTOThe abolition of dual track price system
Solution
The first phase of China's market transition was characterized by a focus on heavy industry given policy priority. This was a period when the government prioritized the development of industries such as steel, coal, and machinery, which were seen as crucial for the country's economic development and modernization. The other options listed, such as banking and financial sector reforms, decentralization and incentivizing SOEs, export-oriented growth through joining the WTO, and the abolition of the dual track price system, are features of later phases of China's market transition.
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