Main Article Content
After the transformation from capitalistic to socialistic mode of economy, the People's Republic of China started developing on the socialist pattern of life. The basic socialistic principle of "Each according to work" was adopted, since 1950. After economic readjustments and managerial reforms, the economy was put on the road of rapid socialistic modernization. Collectivization of all sectors of economy, specially of agriculture and industry was geared in and the launching of First Five Year Plan (1953 - 1957), was the gigantic attempt in that direction. Private ownership of the means of production were changed to socialist ownership. By 1960's the practical achievement of policy "go all out, aim high and achieve greater, faster, better and more economic results, was practically realized.