China's Spectacular Success In Recent Years

1205 words - 5 pages

China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experimented unprecedented changes. On the whole, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies.
Its phenomenal success is because it developed some suitable public policies, which were fit for the situation of China. In the last few years, China has had a remarkable economic development and has come to play an increasingly significant role in our world economy.
For a long time, the Chinese economy was a centrally planned economy in which none other than the state owned all companies. In fact, there were absolutely no entrepreneurs. In 1978 China started its economic reform whose goal was to generate sufficient surplus value to finance the modernization of the Chinese economy. In the beginning, in the late 1970s and early 1980s, trade was opened to the outside world and the Contract Responsibilities System (CRS) was implemented in agriculture. The CRS gave farmers the right to make independent decisions on using a small piece of contracted land. This new system resulted in eight hundred million farmers gaining the decision-making power on farmland management. The household Contract Responsibilities System helped China’s agriculture step out of the long-term predicament it was in. The agricultural business grew fast toward specialization, commercialization, and socialization. Another positive outcome that resulted from the CRS was the Township-Village Enterprises that thrived from the Chinese farmers. These Township-Village Enterprises set up factories in the countryside, so the peasants could work at the factories as well as work on the land. In China at that time, most of the people were peasants, so this policy generated a lot of them to get employed. Even today, more people live in the countryside compared to those people who live in the city. All in all, the Township-Village Enterprises contributed a lot to the development of China during the reform.
By the end of the 1980s China had almost solved its food shortage problems. Around the same time, in 1990, China established the Special Economic Zones. Briefly, a special economic zone or SEZ is a geographical region that has economic and other laws that are more free-market-oriented than a country’s typical or national laws. Basically, “nationwide” laws may be suspended inside a special economic zone. The classification “SEZ” covers a broad range of more specific zone types which include for instance Export Processing Zones (EPZ), Free Trade Zones (FTZ), Industrial Estates (IE), Free Zones (FZ), Urban Enterprises Zones, Free Ports and the list goes on. It has been suggested that these special economic zones are probably...

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