Indicate whether each statement is true or false and explain your response in about 4-5 sentences.

1. The rise of China in the global economy in the last forty years represents a historically new event.

2. In a Soviet-type economy, investment is primarily led by households.

3. Mao established a command economy in 1949 to take advantage of China’s capital abundance.

4. During the Mao era, people’s life expectancy and literacy rates improved.

5. One of the reasons behind the adoption of the economic reforms in 1978 was the slow speed of economic growth during the socialist period.

6. The process of reform in China started without a blueprint.

7. In the first phase of the reform (between 1978 and 1992), State and collective ownership remained dominant.

8. Over the course of both the first and the second reform period, China’s gains from economic growth have been evenly distributed across the population.

9. Exports have always been a key driver of China’s economic growth since the adoption of the market reforms in 1978.

10. Macroeconomic sustainability requires China to raise the consumption share of GDP.

11. As a result of both global neoliberal policies and China’s market reforms, in the context of rapid technological innovation, China is referred to as the “world’s factory.”

12. China has become a service-led economy.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 1 True The rise of China in the global economy over the last forty years is indeed a historically new event Chinas transformation from a re... View the full answer