CHINA: The Time Has Come

It took the Bolsheviks ten years to proclaim their first five-year plan. Last week the eager pupil outdid the master: only three years after the Communist conquest of China, Peking proclaimed a five-year plan. Said Premier Chou Enlai: "With the national territory entirely liberated, with the exception of [Formosa], with bandits now liquidated, and with agrarian reform nearly completed . . . the time has come."

Nobody specified what it would cost or what the planners planned. Best guess: concentration on metals and chemicals. "Some may ask whether large-scale construction is possible...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!