What steps did the Chinese Communist Party take to transform the economy of China after the revolution?
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I would strongly recommend that you look at your textbook and/or your notes for this because different books might emphasize different steps taken by the Communist Party.
The two major steps, it can be argued, were the collectivization of the farms of China and the attempts to force industrialization. The collectivization of farming started very soon after the revolution. It was relatively successul and led to (at least officially) good results in terms of agricultural production.
By 1957, however, Mao Zedong launched the Great Leap Forward to force China to industrialize. He forced huge numbers of peasants to undertake massive industrial projects. The Party, in general, tried to increase both agricultural and industrial output by forcing changes on the people. The Great Leap Forward failed, however, and ended up killing as many as 20 million Chinese through famine.
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