Salient Features:Economic system in transition, cautiously moving away from Soviet-style central planning and gradually adopting market economy mechanisms and reduced government role. Industry, largely based on state and collective ownership, marked by increasing technological advancements and productivity. China's people's communes (see Glossary) eliminated by 1984--after more than twenty-five years--and responsibility system (see Glossary) of production introduced in agricultural sector. Private ownership of production assets legal, although major nonagricultural and industrial facilities still state owned …
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…included petroleum and foodstuffs. Leading imports included machinery, transport equipment, manufactured goods, and chemicals. Japan dominant trading partner, accounting for 28.9 percent of imports and 15.2 percent of exports in 1986. Hong Kong leading market for exports (31.6 percent) but source of only 13 percent of imports. In 1979 United States became China's second largest source of imports and in 1986 was third largest overall trade partner. Western Europe, particularly Federal Republic of Germany, also major trading partner. Tourism encouraged and growing.