Abstract
The whole world sees that a great change has taken place in China. Since the Third Plenary Session of the Eleventh Central Committee of the Chinese Communist Party held at the end of 1978, China's economy has been drastically reformed. China is a socialist country and its economy, as one of the characteristics of a socialist system, is a planned economy based on public ownership of the means of production. During the three decades from the founding of China to 1978, China's economy has experienced a tortuous course of development. There were smooth-sailing periods, such as the period of the First Five-Year Plan (1953-1957) and the economic readjustment period of the early 1960s; there were also setbacks, such as the Great Leap Forward of the late 1950s and the Cultural Revolution of the 1960s and 1970s.
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