Question

In what ways did China change economically under the Four Modernizations program? Check all that apply.

China became more open to foreign trade and investment.
The government allowed some private ownership of business.
All planning of the economy was done by the government.
All businesses switched from public ownership to private ownership.
The government designated certain areas as special economic zones.
The economic system completely changed from communism to capitalism.

Answer 1

China's Four Modernizations program led to an economic opening, with more foreign trade and investment, limited private business ownership, and the creation of special economic zones, fostering rapid economic growth within a socialist market economy.

Step-by-step explanation:

Under the Four Modernizations program, China underwent significant economic changes. Firstly, China became more open to foreign trade and investment, allowing for increased interaction with the global economy. Secondly, the government allowed for some degree of private ownership of business, enabling entrepreneurs to start their own businesses, though the largest industries remained under government control. Additionally, the government created special economic zones (SEZs) that further encouraged economic growth and foreign investment.

While there was a move towards a market-oriented economy, not all businesses switched from public to private ownership, and the economic system did not completely change from communism to capitalism. Instead, China introduced elements of capitalism within its socialist framework, resulting in what is known as a socialist market economy—a hybrid system.

Answer 2

1. China became more open to foreign trade and investment.

2. The government allowed some private ownership of business.

5. The government designated certain areas as special economic zones.