China
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The purpose of this report is to consider what China has done since 1978 to open its door to foreign trade and investment. A historical analysis of this issue, will be followed by a discussion of China's efforts to become a member of the World Trade Organization (WTO). In general, China has moved in some ways to adopt some of the policies more typical of democratic countries than of communist countries. These movements, called reforms, have not focused on government itself. They have focused on a restructuring of China's economic and market system to bring those systems into closer conformity to the free market system of the capitalist West. The nature, economic rationale and impact of the reformist policies introduced in China after 1978 have attracted attention, particularly as China's rapid economic growth spurt of the 1980s seemed likely to continue to reshape the economy into a market orientation (Ash and Kueh, p. 495). China's growth record during the 1980s was impressive. The government adopted a series of reforms that embraced rapid growth, major structural change and unprecedented improvements in living standards for the majority of the population (Ash and Kueh, p. 496). While the reformist policies of the Peking government were largely responsible for this growth, some problems and difficulties also emerged. Central to the economic question is the continuing issue of population growth. Control of population growth and the avoidance of inflation, which ha
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an unprecedented growth in external investment in and trade with China, as well as a dramatic increase in the number of tourists visiting the country (Prybyla, p. 262). Hong Kong and Taiwan have led the way in these efforts, at least partially in response to the long-anticipated and now complete Mainland takeover of the Hong Kong Crown Colony. Taiwan, for example, has invested more than $3 billion, while Hong Kong's investment is so large and diverse that accurate figures are unavailable. In addition, other countries continue to facilitate the sale of Chinese goods abroad.
These economic changes are a direct result of increasing liberalization and a new, "neocapitalist" orientation in China. Thomas Gottschang (pp. 268-270) has pointed out that one of the key elements in the reformist movement was the establishment of private ownership of some sources of production, particularly agricultural goods. The key to steady growth without excessive inflation, as identified by the Chinese government, has been the creation of macro guidance policies at the central level (Sihao, p. 13). Also integral to this process has been China's pursuit of accession into the WTO.
The Economist (p. 82) recently reported that for many countries, g
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Approximate Word count = 1381
Approximate Pages = 6 (250 words per page)
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