The system allows farming households to manage agricultural production on their own initiatives while the farmland remains in the ownership of the rural collective. Started in Xiaogang village in Anhui province in the late 1970s, the system enables farmers to use land through long-term contracts and keep the produce after paying taxes. It raised productivity and increased agricultural output, both of which were preconditions for nurturing the economic takeoff, and comprehensive industrialization and urbanization. The start of this system is widely accepted as a milestone in the economic opening up.

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轉會費 transfer fee

新興企業 start-up company

資本支出 capital expenditure(capex)

富人 high-roller

（英語點津 陳丹妮編輯）

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