1. Economic Development in China
In 1978, the per-capita net income of a farming family was only 91.64 Yuan (equivalent to $10.29 American today), of which 72.26 Yuan was distributed in food produce and only 19.38 Yuan in cash. ... The six steps are as follows: (1) raising the purchasing price of grain and other farm products by twenty percent for planned purchase and another twenty percent for the crops produced in excess of the amounts required (see table 3); (2) reducing the producer prices and sales prices of major agricultural used industrial products by ten to fifteen percent between 1979 and 1980; 93) reducing and ex...
- Word Count: 2348
- Approx Pages: 9
- Grade Level: Undergraduate