Abstract
The shift in China's economic strategy following the Third Plenum of the 11th Central Committee of the Chinese Communist Party (CCP) in 1978 was an attempt to readjust and reform the economic system. First, reform measures were introduced in the agricultural sector. Secondly, the commercial sector was gradually being adjusted to allow the market mechanism to play a role under the “guidance” of state planning. Thirdly, there was more investment in transport and communications. Fourthly, the rate of accumulation by the state was reduced while the rate of consumption by the people was raised through higher incomes and the availability of more consumer goods. Fifthly, there were attempts to readjust the investment pattern between agriculture, heavy industry and light industry. Last, but not least, reform measures were introduced in the management of state enterprises. The article is concerned with this reform.
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