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In 1970, for example, agricultural exports accounted for 45 percent of total exports, but in 1985 China's US$6.5 billion in agricultural exports was only 20 percent of the total exports. In the 1970s agricultural imports accounted for about 30 percent of total imports.
China's Rural Reform (also called Agricultural Reform) was one of the multiple Chinese reforms implemented in China in 1978. The reforms were initiated by Deng Xiaoping, the leader of the Chinese Communist Party at the time. The reform in the agricultural sector was the first to be introduced which resulted in China meeting 4 objectives :
As China is the biggest food producer and importer in the world, what happens in the agricultural sector of China has an immediate effect on the global food system. China increased its grain self sufficiency by expanding agriculture areas to regions with less rain, giving them water with irrigation systems .
The thinking was that in order to be a consumer society, China would need to be a producing society. In December 1978 at the 3rd plenary session of the 11th Central Committee of the Chinese Communist Party , Deng Xiaoping announced the official launch of the Four Modernizations, formally marking the beginning of the reform.
China joined a number of international economic organizations, becoming a member of the World Bank, the International Monetary Fund, the Asian Development Bank, the General Agreement on Tariffs and Trade (GATT), and the Multi-Fiber Agreement. China became an observer of GATT in 1982 and formally applied to participate as a full member in July 1986.
n 1994, China established its major policy banks, the China Development Bank (which focuses on major infrastructure and other projects that improve people's quality of life), the Export-Import Bank of China (which supports China's exports and imports), and the Agricultural Development Bank of China (focused on rural infrastructure). [9]: 209
4 Third Plan (1966–1970) 5 Fourth Plan (1971–1975) 6 Fifth Plan (1976–1980) ... 81 China also raised its agricultural production to above prewar levels, ...
The JCRR is widely credited with creating the basis of agricultural prosperity which led to Taiwan's rapid economic growth in the 1970s and 1980s. [5] JCRR was combined with the Council of Agriculture when the United States ended the official foreign relation with the Republic of China in 1979.