In the question given below there are 2 statements marked as Assertion (A) and Reason (R). Choose the correct alternative from the following options.

Assertion (A)- China introduced structural reforms in 1978, despite any compulsion by IMF and World Bank.

Reason (R)- China was unhappy with the slow pace of economic growth and lack of modernisation in the economy, in late 1970's.

Both (A) and (R) are true and (R) is the correct explanation.

Due to slow pace of economic growth and lack of modernisation in the Chinese economy in late 1970's, government initiated the "Economic reforms" to industrialise the economy, without any compulsion from World Bank and IMF.