Post-Deng Xiaoping Economic Policies

Post—Deng Xiaoping economic development policies were a reflection of his approach to economic reform. It was based on the collective wisdom formed through a heated argument within the CCP on Mao’s approach to development over the years, including the pros and cons of the Great Leap Forward, the People’s Commune, and the antirightist Cultural Revolution. At the end of the debate, the leadership decided to unshackle the economy from a state of economic stagnation, collectivism, central planning, and other socialist policies; gradually shifting toward limited market economy was considered the way moving forward. The reform policies, presented as targets, and how they were to be achieved, were to be stated in five-year plans (FYP), the country’s economic development model. The guidelines and targets of the plans were set by the party’s Central Committee and the task of articulating, planning, and implementing them were the responsibility of the SPC, which was renamed the National Development and Reform Commission (NDRC).1 The FYPs, as indicated earlier, were modeled after those of the former Soviet Union’s industrialization platform. Since its adoption in 1953, there have been 12 FYPs. The Thirteenth FYP is well on its way to being launched between 2016 and 2020.