Over two decades of economic reform, China has significantly increased its foreign trade turnover and gross domestic product. In terms of aggregate economic potential, China ranked seventh in the world. The specifics of the Chinese path of reform, developed on the basis of Deng Xiaoping's ideas, are as follows. In the transition period, a strong central government with a reliable system of governance is especially needed. Denationalization began with the agro-industrial complex, light industry and trade. These branches were characterized by a relatively low capital intensity, fast capital turnover, and extensive use of family contracting. The government did not hurry with privatization of state enterprises, providing social needs of the majority of the citizens. Emphasis was placed on the creation of special economic zones with a favorable climate for investors. In 1998 the Ministry of Land and Resources was established. In order to strengthen state policy in the field of subsoil use, the Geological Survey of the PRC was established within the ministry.
