On October 1, 1949 a grand ceremony was witnessed by 300,000 people in Beijing's Tiananmen Square, and Mao Zedong, chairman of the Central People's Government, solemnly proclaimed the founding of the People's Republic of China (PRC).
During the initial post-Liberation period, the Chinese government successfully carried out land reform in areas accounting for over 90 percent of the total national agricultural population, and 300 million farmers were granted approximately 47 million ha of land. Amazing achievements were made during the First Five-Year Plan period, from 1953 to 1957. The average annual increase rate of the national income reached over 8.9 percent. China established basic industries necessary for full industrialization hitherto non-existent domestically, producing airplanes, automobiles, heavy machinery, precision machinery, power-generating equipment, metallurgical and mining equipment, high-grade alloy steels and non-ferrous metals.
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