Miracle of Bu Xinsheng and Reform of Planned Economy
During the 1970s and 1980s, pioneers such as Bu Xinsheng, director of a state- owned T- shirt factory in Zhejiang Province, introduced management methods of a market economy, which led to a wave of enterprise reform. On October 20, 1984, the Decision of the CPC Central Committee on Reform of the
Economic Structure was approved by the Third Plenary Session of the 12th CPC Central Committee. The Decision defended reform of the planned economy and argued that a full-fledged market economy was a necessary phase of social and economic development that couldn’t be skipped and was necessary for China’s modernization.