What steps did the Chinese Communist Party take to transform the economy of China after the revolution?

I would strongly recommend that you look at your textbook
and/or your notes for this because different books might emphasize different steps taken
by the Communist Party.

The two major steps, it can be
argued, were the collectivization of the farms of China and the attempts to force
industrialization.  The collectivization of farming started very soon after the
revolution.  It was relatively successul and led to (at least officially) good results
in terms of agricultural production.

By 1957, however, Mao
Zedong launched the Great Leap Forward to force China to industrialize.  He forced huge
numbers of peasants to undertake massive industrial projects.  The Party, in general,
tried to increase both agricultural and industrial output by forcing changes on the
people.  The Great Leap Forward failed, however, and ended up killing as many as 20
million Chinese through famine.