Answer:
The first Five-Year Plan, based on socialist principles, reshaped China's economy.
Step-by-step explanation:
The first Five-Year Plan was launched in 1953 by the Chinese Communist Party with the goal of rapidly industrializing the country and building up its infrastructure. The plan was based on socialist principles, with the government taking an active role in directing and controlling the economy. The plan called for massive investment in heavy industry, such as steel production and coal mining, at the expense of consumer goods and agriculture. The government also implemented policies to collectivize agriculture and redistribute land to peasants, which had the goal of creating a more egalitarian society. The first Five-Year Plan was a significant turning point in Chinese history, as it marked the beginning of a period of rapid economic growth and modernization that transformed China from a largely agrarian society to an industrial powerhouse. While the plan had its flaws and resulted in some negative consequences, such as shortages of basic necessities and a decline in living standards for some people, it laid the foundation for China's economic development in the following decades.