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The Communist Party of China (CPC) held the Third Plenary Session of its Seventh Central Committee from June 6 to 9, 1950, in Beijing. The meeting mainly discussed economic issues. This was a clear indication that the CPC's focus was shifting from revolution to economic development. After the three major transformation movements, a basic socialist economic system had taken root in China in the 1950s, based on public ownership of the means of production and the principle of distribution according
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