Which of the following is true in regard

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Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Comparative Development Experiences of India and its Neighbours

Question:

Which of the following is true in regards to the Chinese "Economic reforms",1978?

Options:

In the initial phase of Chinese reforms, reforms were initiated in the industrial sector.

In the later phase, reforms were initiated in agriculture, foreign trade and investment sectors.

Under commune system, individuals were allowed to keep all income from the land after paying stipulated taxes.

All of the above

Correct Answer:

Under commune system, individuals were allowed to keep all income from the land after paying stipulated taxes.

Explanation:

The Chinese reforms were initiated in 2 phases:

In the initial phase reforms were initiated in agriculture, investment sector and foreign trade. Under commune system, all the income was given to the individual after deducting certain amount of taxes.
In the later stage the reforms were initiated in the industrial sector.