Economic Reforms in PRC

In the beginning, the PRC was prepared to deal with all other countries, regardless of political orientation, so long as those dealings were mutually beneficial, and without political strings attached. As time passed, and as western countries, particularly the United States, tended to shun economic intercourse with China, however, the PRC came to rely more heavily on other socialist countries for its international trading needs. The government of the PRC also became more concerned with preserving Marxist economic ideology than with expanding trade with non Marxist countries.

When Chairman Mao died, and the last of the Red Guard influence was purged from the Chinese political environment, however, a government with more pragmatic economic views gained power in the PRC. In 1978, this new government initiated a

1J. Paxton, (Ed), The Statesman's YearBook 19901991 (New York: St. Martin's Press, 1990), 387.

2S. Feuchtwang, and A. Hussain, "Introduction," in S. Feuchtwang, and A. Hussain, (Eds.), Th

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9NR. Chen, "China's New Plan Reaffirms Need for Foreign Loans and Investment," Business America, 21 February 1983, 39. the Chinese have been those who attempted to pursue consumer marketing agendas, as opposed to providing the technology transfer and capital investment sought by the Chinese. Legal Structures for Foreign Participationin the Chinese Economy Four legal structures govern foreign participation in the contemporary economy of the PRC. The Chinese are intensely interested in joint venture agreements. Joint venture agreements provide the Chinese with access to both foreign technology and foreign capital. The Chinese are also interested in the licensing of technology from foreign countries. The special enterprise zone concept is a procedure by which the Chinese plan to accommodate foreign business entities on Chinese soil. Overall, regardless of the specific form of business ventures involving foreign entities, the Chinese have developed and implemented a countertrade framework within which all foreign trade must be accommodated. Each of these factors is discussed in this section. Joint Venture Arrangements China's joint venture law became effective in July 1979. In the first month of the law's existence, 1OO
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Approximate Word count = 3094
Approximate Pages = 12 (250 words per page)

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