Chinas Economic Growth Due to Recent Foreign Policies

Chinas Economic Growth Due to Recent Foreign Policies Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year (econ-gen 1). Starting in 1979, the Chinese have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world. Just a few areas Chinas government is addressing are agricultural technology, the medical market, and infrastructures, like telecommunications, transportation and the construction industry. Chinese reform measures even anticipated the rush of foreign investment by opening newly†¦show more content†¦Even after accounting for all the economic benefits recognized by the world, the Chinese still come out as the country with the most gains. However, there are more motives behind Chinas market reforms than just purely economic. On the political front, China is fast becoming an integral part of international organizations. The Chinese government is making a conscious effort to reenter GATT (the General Agreement on Tariffs and Trade), realizing the importance of creating a favorable trading status among foreign nations. Slowing this progress, the 124 nation strong trade bloc has requested that numerous conditions must be met by China before the nation can become a member of GATT once again. Several of these provisions are the elimination of import prohibitions, restrictive licensing requirements and other controls or restrictions; lifting of all restrictions on access to foreign exchange and full convertibility of the Chinese currency (china-tr. 2). Other important key themes behind Chinas Open-Door policies are economic and technological cooperation with the West (china-tr 1) and that Chinas government no longer supports Third World revolution. Instead, China realizes that cooperation with developing countries would be far more practical. Although Chinese foreign policy is aimed at opening the nations entire economy to the world, it neglects the agricultural market almost entirely, with the exceptionShow MoreRelatedThe Advantages and Disadvantages of Chinas Current Foreign Investment Environment1640 Words   |  7 PagesThe advantages and disadvantages of Chinas current foreign investment environment Content Introduction and Backgrounds 3 Advantage: Good economic environment 3 Advantage: Stable political environment 4 Advantage: Acceptable infrastructure 5 Advantage: Abundant labor 5 Disadvantage: The laws of the market economy system are not perfect 6 Disadvantage: Low government efficiency 7 Disadvantage: The low efficiency of the financial sector 7 Disadvantage: The investment environmentRead Moreï » ¿Discuss the impact of globalisation on China, with reference to economic development and environmental consequences1356 Words   |  6 Pageswith reference to economic development and environmental consequences Globalisation, is the process of increasing integration among different countries, resulting in the establishment of a single world market. Globalisation has been accelerated in the last 50 years due to the relative stabilisation of international relations, development of international institutions that have assisted in the management of globalisation, technological developments and changes in domestic policy. China has been heavilyRead More The Impact of Chinas Modern Foreign Policies on Economic Growth1229 Words   |  5 PagesImpact of Chinas Modern Foreign Policies on Economic Growth Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year (econ-gen 1). Starting in 1979, the Chinese have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world. Just a few areas Chinas governmentRead MoreThe Impact Of Development Strategies On Economic Growth And The Quality Of Life For An Economy Other Than Australia1159 Words   |  5 Pageson the economic growth and the quality of life for an economy other than Australia. (20 marks) Globalisation, is the process of increasing integration between different countries and economies resulting in the establishment of a single world market and the increased impact of international influences on all aspects of life and economic activity. China’s global integration has assisted their impressive economic performance and the associated improvements in living standards through economic componentsRead MoreThe Case Of China s Credit Policy1552 Words   |  7 Pagesreality and its abstractions. Seldom do we find that a model aimed at capturing a portion of reality has provided both accurate and consistent results. Such a friction between reality and a proposed model of it can also be found in the case of China’s credit policy. The People’s Bank of China (PBoC) fixed the exchange rate of the yuan to the US dollar in the middle of the 1990s. In spite of the currency turmoil and depreciation during the Asian crisis, the Yuan Renminbi (RMB) was held at 8.28 to a dollarRead MoreE Manufacturing Group, An Electrical Appliance Company1162 Words   |  5 Pages4.1 Introduction This chapter summarizes the study carried out in E Manufacturing group, an electrical appliance company in China. It starts with a brief introduction of the group’s background information and an overview of the recent development of China. This study then proceeds to discuss the implementation of BSC in the case E Manufacturing. Next, it explores the gap of how the BSC differ from the expectation with the actual practices. Last but not the least, this study highlights the theoreticalRead MoreChina Rising Of China And China1505 Words   |  7 Pagesonly superpower. China’s growth is too rapid and massive that other nations have limited or no opportunity to compete with. In the other hand, others argue that confits between two nations are avoidable. For example, economic exchange between the United States and China increased dramatically after the 1970s. The economic interdependence lowers the intension for China to create clashes with the United States. In addition, Ch ina’s â€Å"Peaceful Rise† policy suggest that the economic and military developmentRead MoreEconomic Analysis On China s Economy1485 Words   |  6 PagesII. ECONOMIC ANALYSIS I. Introduction: Close to four decades ago, China’s economy was under centrally-controlled, stagnant and isolated from the global economy. Then everything changed after 1979 when the foreign trade investment and free market reform was implemented. Not long after it was implement China’s become the world s fastest growing economy and now the largest economy in the world surpassing even United States. Today, China is focusing on a more sustainable growth pattern and implementingRead MoreEconomic Transition of China1069 Words   |  5 Pagesof Mao Zedong in 1976, it became apparent to many of Chinas leaders that Economic reform was necessary. By 1978 Chinese leaders were searching for a solution to serious economic problems produced by Hua Guofeng, the man who had succeeded Mao Zedong as CCP leader after Maos death (Shirk 35). As Susan L. Shirk describes the situation in The Political Logic of Economic Reform in China, restoring the CCPs prestige required improving economic performance a nd raising living standards. After the communistRead MoreEconomic Growth Of China And Its Effect On The Environment1621 Words   |  7 PagesTitle: Economic growth in china and its effect on the environment in china. Abstract: Economic development is very critical for better future of any country and its residence but for one to gain something thing they must lose something. This has been the case with china’s economy and the environment. China’s growing manufacturing sector and increase in consumption has taken the country’s economy to new heights. Today china is one of the largest economic powerhouse in world, but at what cost. China’s