Answer:
The reform and open-door policy of China began with the adoption of a new economic development strategy at the Third Plenary Session of the 11th Central Committee of the Chinese Communist Party (CCPCC) in late 1978. Under the leadership of Deng Xiaoping, who had returned to the political arena after his three previous defeats, the Chinese government began to pursue an open-door policy, in which it adopted a stance to achieve economic growth through the active introduction of foreign capital and technology while maintaining its commitment to socialism.
The obvious aim of this policy shift was to rebuild its economy and society that were devastated by the Cultural Revolution. The policy shift also appears to have been prompted by recognition that the incomes of ordinary Chinese were so low, in comparison with incomes in other Asian economies, that the future of the Chinese state and the communist regime would be in jeopardy unless something was done to raise living standards of its people through economic growth.
The government subsequently established a number of areas for foreign investment, including the special economic zones, open coastal cities, the economic and technology development zones, the delta open zones, the peninsula open zones, the open border citiees, and the high-tech industry development zones. The establishment of these zones provided the trigger for massive inflows of foreign investment, primarily from companies in Hong Kong and Taiwan. At the same time, China promoted its socialist market economy concept. The changes brought an entrepreneurial boom that resulted in the emergence of huge numbers of entrepreneurs and venture businesses within China.
Explanation:
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The Revenue Act of 1767, also referred to as the Townshend Duties, taxed glass, lead, paint, paper, and tea coming into the Anglo-American colonies. That year, wealthy landowners in Britain had used their political influence to cut their taxes by a fourth, causing a massive deficit in the British treasury. Chancellor Charles Townshend made up for this deficit via the Revenue Act.
In reality, the duties brought in very little revenue, with the exception of the taxes on tea. All they really did was provoke the colonists. Assemblies all over the colonies denounced the Act, calling for its repeal. Yet another boycott of British goods was enacted, which motivated merchants in Britain to push for the repeal of the Act as well. All this tension led to violence in the colonies, culminating in the Boston Massacre in March 1770. Parliament relented and repealed most of the Townshend Duties.
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