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The Impact Of China's Modern Foreign Policies On Economic Growth

1113 words - 4 pages

The Impact of China's Modern Foreign Policies on Economic Growth

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 of
communication and transportation allows more expedient supply and demand
scheduling. Two of the latest Chinese reform measures to aid in the development
of the country are the Provisional Regulations on Direction Guide to Foreign
Investment and the Catalogue Guiding Foreign investment in China. Both these
policies place specific industries including telecommunications, machinery, and
electronics on top priority. Funding for these projects come from foreign
investments and appropriations from the Chinese government in the form of grant
financing, and legislative or administrative support.

     Yet another example of the Chinese emphasis on industrial based growth
is the far-reaching goal of having just under 100 million telecommunication
lines by the year 2000. China's Central Ministry of Posts and Communication said
that in order to complete this major task China will enlist the aid of major
overseas suppliers and create manufacturing plants within the nation. AT&T,
Motorola, Northern Telecom, Alcatel, Erricsson, NEC, and Siemens are just a
handful of the multinational companies which hold a considerable share of the
Chinese telecom market, once again proving that China is becoming a party to
global interdependence.

     The...

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