1956： Three major transformations were basically completed.

In 1956, Shanghai capitalists accepted public-private partnership.

　　Three major transformations, namely, the socialist transformation of agriculture, handicrafts and capitalist industry and commerce led by the Communist Party of China (CPC) after the establishment of People’s Republic of China (PRC).

　　From 1953 to 1956, in just four years, New China completed the socialist transformation of agriculture, handicrafts and capitalist industry and commerce, realized the transformation from private ownership of the means of production to socialist public ownership, and made China enter a socialist society from a new democratic society. China initially established a basic socialist system. Since then, it has entered the primary stage of socialism. In September, 1952, Mao Zedong put forward at a central meeting: We will begin to basically complete the transition to socialism in 10 to 15 years. In September of the following year, the Central Committee of the Communist Party of China announced the general line for the transitional period, which is to gradually realize the socialist transformation of agriculture, rival industries and capitalist industry and commerce in a fairly long period of time. At the end of 1956, rural cooperative households accounted for 96.3% of the total farmers; More than 90% handicraft workers join cooperatives; 99% of the private industry and 85% of the private business people have realized the public-private partnership of the whole industry. China has basically realized the socialist transformation of agriculture, handicrafts and capitalist industry and commerce.

　　China’s socialist transformation of private ownership of agricultural, handicraft and capitalist industrial and commercial means of production has enriched and developed Marxism–Leninism’s scientific socialist theory in theory and practice, and greatly promoted the social transformation of industry, agriculture and commerce and the development of the whole national economy. The task of transforming private ownership of the means of production into socialist public ownership has been realized. China has initially established the basic system of socialism and has since entered the primary stage of socialism.

　　[Editor: roygao]

Editor: Wei Yu