Which of following is NOT broadly considered as one of the three fundamental processes of Chinese economic reforms since late 1970s?

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Question restatement: Which of following is NOT broadly considered as one of the three fundamental processes of Chinese economic reforms since late 1970s?

Option A: Globalisation. This is often discussed as a broad outcome and accompanying process of reforms, with China engaging in increased trade, foreign direct investment, and integration into global markets. It aligns with the wider narrative of opening up and reform by the late 20th century, so it is typically considered part of the reform era rather than something excluded.

Option B: Marketisation. This term captures the move toward market mechanisms, price reforms, privatization of some state enterprises, and more competition. It is a core element commonly identified in the reform package, thus not the one that is NOT among the three fundamentals.

Option C: Demonetisation. Demonetisation refers to removing or withdrawing currency from circulation, or disabling the use of existing money for transactions. In the context of Chinese economic reforms since the late 1970s, demonetisation is not a standard or widely cited fundamental reform pillar. The reforms emphasize marketisation, decentralisation, and global integration rather than a policy aimed at demonetising currency. This makes it the odd one out among the commonly discussed three pillars.

Option D: Decentralisation. Devolving authority from central to local levels, allowing local governments and enterprises more decision-making power, is frequently cited as a key component of reform, enabling more responsive and locally adapted economic activities. Therefore it fits as one of the fundamental processes.

Summary of reasoning across options: A and B are commonly described as part of the reform era's broad moves toward openness and market mechanisms, while D reflects decentralising governance to support market reforms. C (demonetisation) does not feature as a central, widely cited pillar of Chinese economic reforms in this period, making it the option that does not belong to the trio of fundamental processes.

ECX2630 - ECX5630 - S2 2025 Quiz #2 - Topics 3 and 4 (Not Assessed)

Which of following is NOT broadly considered as one of the three fundamental processes of Chinese economic reforms since late 1970s?

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