Question

2. China's 1958 Five-Year Plan, the

Answer 1

In China, first five year plan was from 1953 to 1957. It stressed rapid industrial development with social assistance. and it proved to be successful.

Explanation:

China wanted to achieve development and make a transition from an agricultural based economy to industrial based economy and hence it decided to invest on heavy industries based on the soviet model. Economic style followed soviet' model which featured state ownership, collective farming strategy and centralized economic planning. Soviets even helped China plan its economic model by drafting the first five year plan.

China, initially faced problems due to \the lack of imbalance in manpower to resources and  hence many of the industries were being nationalized so that the government funded these projects. It is observed that soviet also co funded some of the national projects of china. It gave loans to China which china had to repay. China' economic plan was a success. There was a significant in the produce of heavy metals and industrial production also increased a lot.