After India's independence, major focus of the government was to make India self-reliant. But in the year 1991, nation faced a huge financial crisis which was settled by introducing "Economic reforms,1991". In order to engage in trade practises with other countries, foreign exchange plays an important role. If a country depletes its foreign currency reserves, and no other country is willing to accept its currency abroad, the only option left to the country facing the crisis is to borrow from abroad. This was the situation of India in the year 1991, to which Indian government responded by changing its economic policies drastically. If we talk about China, the present day fast industrial growth in China can be traced back to the reforms introduced in 1978. China introduced reforms in phases. In the initial phase, reforms were initiated in agriculture, foreign trade and investment sectors. In the later phase, reforms were initiated in the industrial sector. Also, special economic zones were set up in order to attract foreign investors.

When was the "First Five-Year Plan" announced by China?

1953

The "First Five-Year Plan" was announced by China in the year 1953.