Answer :

(a) The cartoon refers to China.

China transformed its economic policy and introduced a new market economy. The new policies proved to be remarkable. Privatization in every sector developed the nations.


(b) Earlier the economy of China was based on the economic model, this led to the falling of industries. Then the policies took a major turn and China transformed its economic policy and introduced a new market economy. The new policies proved to be remarkable. Privatization in every sector developed the nations.


(b) The latest change :


1. The rise in agricultural production hence increases in personal savings.


2. Creation of Socio-Economic zones raised the foreign trade.


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