The economically backward communist China chose to sever its links with the capitalist world. It had little choice but to fall back on its own resources and, for a brief period, on Soviet aid and advice. The model was to create a state-owned heavy industries sector from the capital accumulated from agriculture. As it was short of foreign exchange that it needed in order to buy technology and goods on the world market, China decided to substitute imports with domestic goods.

Which of the following statement is correct?

a- China privatized its Industries in 1982.
b- China privatized its agriculture in  1998.

Neither of them is correct.

China followed its own path in introducing a market economy. The Chinese did not go for ‘shock therapy’ but opened their economy step by step. The privatization of agriculture in 1982 was followed by the privatization of industry in 1998.