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 expanded industries
to out-of-country investors. Effects of this sudden change in economic strategy
by a world power can be felt by practically every nation of the globe involved
in international trade. The change in the amount of imports and exports to and
from China will increase the demand on countless markets, from automobile, to
petrochemical, to pharmaceuticals, and optical fiber. Also, with all the
foreign investment China is receiving, the socialistic republic will only grow
more and more interdependent upon the world economy. However, the impressive
growth rate of China's economy is not without its shortcomings. Problems such
as inflation and inefficient state-owned enterprises plague the rise of the
Chinese economy.
The main goal for China's modern foreign policies is the development of
the Chinese infrastructure. The significance of improved communication and
transportation cannot be over-stressed. Economically, enhanced means o ...