Qiu Heng: Difference between revisions

===Stabilizing growth===

During Qiu Heng's presidency the country saw sustained economic growth, a period known as the ''Stablizing Growth'' that was fueled by import substitution and low rates of inflation. An important factor helping the sustained growth in the period was the reduction of political turmoil, particularly around national elections, with the creation of a single, overly dominant party. Qiu Heng nationalized all of the oil fields, the railroads, the telephone companies  and the ports; many of these companies had been owned by members of the Qian elites and now passed into the hands of the state which created vast and byzantine hierarchies of bureaucrats to manage these massive state companies. And of course the [[Central Confederation of Daxian Trade Unions|All-Daxian Workers Central Union]] made sure new syndicates were created to go with the new shiny state companies, new dutiful 'soldiers' of the NRF system. In 1956 the National Development Bank was founded to fund the expansion of the industrial sector and the building of massive infrastructure projects such as improving the road networks and electricity generating hydroelectric dams. A fully fledged  import-substitution program which stimulated output by boosting internal demand was put in place. The government raised import controls on foreign consumer goods but relaxed them on capital goods (such as machinery for domestic production of consumer goods), which it purchased with accumulated international reserves. This period also saw massive investment in education, enrollment at the primary and secondary levels quintupled from the levels reached in 1945. The higher employability and earning power of this growing skilled labor pool stimulated the internal consumer market and the expansion of the middle class. Daxian strong economic performance continued into the 1960s, when GDP growth averaged about 8 percent overall and about 3 percent per capita. Consumer price inflation averaged only 4 percent per year. Manufacturing remained the country's dominant growth sector, expanding 12 percent annually and attracting considerable foreign investment. Mining grew at an annual rate of nearly 5 percent, trade at 6 percent, and agriculture at 6 percent. By 1970 [[Daxia]] had diversified its export base and become largely self-sufficient in food crops, steel, and most consumer goods. Although its imports remained high, most were capital goods used to expand its own domestic production.

===The Little Incursion===

==Final years==

==Personal life==