Mir­a­cle of Bu Xin­sheng and Re­form of Planned Econ­omy

China Pictorial (English) - - Features -

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.

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