Essay on China 's Economic Development Of China

1169 Words Dec 7th, 2014 null Page
Thanks to the Air Force I have traveled around the world at least twice in the last 16 years. No matter the location I have encountered the ever popular made in China tags and stickers on merchandise. What I did not realize is that China’s international influence started a mere thirty years ago or so and grew exponentially since then. Let’s take a look into how international business influenced China’s economic growth, how they maintained that growth, and their ability to continue their rate of growth into the future.
In the late 1970’s the citizens of China were barely getting by on sparse food supplies, inadequate housing, and an inadequate and inefficient service sector. Additionally, China was behind the industrialized nations of the West and Asia in terms of development and growth. All of these inadequacies shamed China internationally. The establishment of the People 's Republic and its closed-door policy was the greatest hindrance to China 's economic development. After realizing this a period of reform began and China sought to integrate itself into the international trading system and globalization.
Ultimately the leaders of China hoped to achieve economic self-sufficiency, in order to accomplish this they focused their attention on foreign trade; regarding it as an important tool in acquiring investment funds and technology. The restrictions on trade were lifted further, and foreign investment was legalized in the 1980s. The role of foreign trade under this new…

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