To explain: The way in which Chinese economic system progressed after the second World War.
Explanation of Solution
China is one of the fastest-growing economies in the world today. The economic system of China has progressed a lot after the Second World War. This happened due to the start of five-year plans in 1953 by the Chinese Communist government. This was a centralized planning system that transformed the regional planning system to a limited free enterprise.
Further, in 1957, decision-making powers were provided to the local governments. In 1978, reforms were made by leaders to motivate people to work harder. Many new authorities were given to people like individuals who can rent their land for up to 15 years and the house of a peasant can become responsible for their own land. This caused a dramatic increase in farming productivity.
In the 2000s, rural residents moved to cities and started working in factories and offices. Many foreign companies invested in new ventures of China and the
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