Question

why has china experienced substantial economic growth since the late 1970s?

a. microfinance institutions have taken control of most aspects of
the economy.

b. local governments have been granted more independence when
making economic policy.

c. the country has gradually shifted from a mixed economy to a
command economy.

d. high tariffs and strict trade regulations have helped the country
benefit from global trade.

Explanation:

• Option A: Microfinance institutions don't control most of China's economy, so A is incorrect.
• Option B: Since the late 1970s, China's reform and opening - up gave local governments more independence in economic policy - making, which promoted economic growth. This option is consistent with China's economic development situation.
• Option C: China has shifted from a planned economy (not a mixed economy) to a socialist market economy, not to a command economy. So C is wrong.
• Option D: High tariffs and strict trade regulations are not conducive to benefiting from global trade. China's economic growth is related to opening up and participating in global trade with reasonable trade policies, so D is incorrect.

Answer:

B. Local governments have been granted more independence when making economic policy.