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| The loosening of economic policies sparked massive growth |
Deng's reforms led to rapid growth and a more market-based economy.Other cities were given the liberal policies reserved for the special economic zones (SEZs) in the south. But the system was unable to restrain large-scale corruption or control inflation, which shot to 18.5% in 1988. So to drastically reduce growth, in the middle of 1988, Beijing adopted several austerity measures - limiting foreign joint ventures, slashing investment and tightening monetary controls.
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