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China's Economic Growth Due to Recent Foreign Policies

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China's 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, China's 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 China's 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 China's 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 China's Open-Door policies are "economic and technological cooperation with the West" (china-tr 1) and that China's 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 nation's entire economy to the world, it neglects the agricultural market almost entirely, with the exception

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