Putting aside questions of efficiency, pre-reform industrialisation policy
was generally effective in promoting heavy industrial development (table
2.3). Between 1952 and 1979, government revenue totalled 1,404 billion
yuan which accounted for about 35 per cent of national output. Budget
spending on state industrial investment summed to 622 billion yuan,
about 15.5 per cent of national income or 52 per cent of national
investment. In 1979, total industrial output was 4,237 billion yuan, 6.8
times higher than that in 1952, in accordance with an annual growth rate
of 8.2 per cent. State industry accounted for 78 per cent of national
industry and grew by 8.3 per cent per annum between 1952 and 1979.