1 Answer | Add Yours
The First Five Year Plan contributed to China's later modernization by setting up or expanding a basic group of heavy industries. These industries would eventually form the foundation of China's economy, allowing China to modernize and ultimately to diversify away from heavy industry. During this Five Year Plan, China developed coal mines, electrical generating plants, petrochemical plants, steel making, shipbuilding, and many other heavy industries.
This is how most industrial countries have industrialized. They first build heavy industries that do not really do much to create consumer goods. Then, eventually, they move away from this and have an economy that has some heavy industry but is also diversified and more modern. China's First Five Year Plan created this foundation of heavy industry that China eventually build on to create a more modern economy.
We’ve answered 317,443 questions. We can answer yours, too.Ask a question