ields again approached the level of the late 1950s. The third five-year plan began in 1966, but both agricultural and industrial production were severely curtailed by the effects of the Cultural Revolution; a fourth five-year plan was introduced in 1971 as the economy began its recovery. After eliminating the vestiges of the Cultural Revolution in 1976, China's leaders decided to move at a faster pace on all economic fronts to make up for the loss suffered in the preceding ten years. A fifth five-year program began in 1976 but was interrupted in 1978, when the Four-Modernization program was launched. It included the modernization of agriculture, industry, national defense, and science and technology. A ten-year plan for 1976-85 stressed improvement in economic management and a larger role for private and collectively owned (as opposed to state-owned) enterprises. This program was superseded by a more modest ten-year plan for 1981-90, but efforts to attract Western technology and investment continued, as did a program of incentives to increase agricultural production. Policies introduced in October 1984 called for further decentralization of economic planning and for increased reliance on market forces to determine the prices of consumer goods. China has potential to be the biggest market of the world with 1.3 billion people. Furthermore, it posses billions of unexplored resources and the biggest and cheapest labor force in Asia. The size and underdevelopment make it a potential monster that has created interest in every investing and developing country in the world. The Chinese economy is an increasing economic possibility for anyone. Culture & Society Chinese culture and society can be divided into two major periods, Imperial China and Communist China. The modern Chinese society can be defined as a combination of centuries of values and communist propaganda achievements. The imperial China had a strong class system where 90% of ...
