China introduced reforms originally in 1978 and then subsequently in a phased manner. In initial stage, it sought to develop the agriculture sector, foreign trade and investment sectors. In agriculture, the commune system was adopted.
Later the reforms were initiated in the industrial sector and collective agriculture and the commune system was phased out. The reforms were expanded further to include the gradual liberalisation of prices, fiscal decentralisation, increased autonomy for state enterprises, the foundation of a diversified banking system was laid, the development of stock markets, the rapid growth of the non-state sector and the opening of foreign trade and investment took place.
The one-child norm reduced the population growth rate significantly and helped in faster development.