Its heavy industrial development occurred under absolute state control of the economy during the Maoist period, but by the late 1970s, Maoism had become an economic disaster, leading to a fundamental change in strategy under Deng Xiaoping. For most of the 1980s, Deng's reforms focused on internal marketization, however a major reorientation in strategy occurred in 1988, when Beijing decided to emulate the export booms of other Asian countries by producing labor-intensive goods for markets in advanced industrial societies (Jung)." This resulted in a relaxation of regulations by China regarding "joint ventures with foreign firms and discouraging low-tech investments (Jung)." The increased capital from other countries, particularly those with companies who could no longer pay its employees low wages to produce products, rose significantly and resulted in a "rapid rise in export, with light industrial goods and products by multinational corporations prominent in this export surge...
While it was surpassed during the past couple of centuries by other countries, China has begun to realize an astonishing rate of growth. Influences from China's rich history can be attributed to many of its current successes. Also, China's dynamism comes not from the state-dominated parts of the economy, but from entrepreneurial firms and organizations, both domestic and foreign. Few besides the Communist Party leadership would argue that the People's Republic of China has a successful development state (Jung)."
China and the World Trade Organization On December 11, 2001, China officially became a member of the World Trade Organization (WTO), opening the country's doors to change and a new economy. One year after china's entry into the WTO, the country reported great success, showing better-than-expected economic growth and fulfillment of its WTO commitments, despite the shaky world economy. The excellent performance of the Chinese economy was clearly demonstrated by its 8% growth
China's One Child Policy Historically, it is noted that Mao Zedong, once a China president encouraged population growth which saw the population of China almost double during that period of his leadership. This led to overpopulation and the stretching of the social amenities and most importantly the economy. In order to address this challenge, the one -- child policy was introduced in China. This is a policy which forbids any family
Cultural Diplomacy and Soft Power: A Comparative AnalysisIntroductionCultural diplomacy programs serve as valuable tools for countries to extend their global influence, projecting their cultural values, and fostering international relationships. This paper offers a comparative analysis of the cultural diplomacy programs of two major global powers: China and the United States. Each nation, wielding unique cultural resources and facing distinct challenges, employs cultural diplomacy in diverse ways to advance its global
AFRICA'S PETROLEUM AND CHINA'S ECONOMIC GROWTH AND DEVELOPMENT How Africa's Petroleum Supply Is Important to China's Economic Growth and Development While China continues to grow, its oil demand is poised to grow rapidly. For China to ensure its oil security, it must obtain oil from the global world because it lacks adequate domestic resources to quench the thirsty appetite of the country's rapid economic development. Any approach for growth that the country
Russia and China's economic reform in 1990's Ever since the beginning of 1990s, the attention of the world has been concentrated on the persistently emerging relationship between the Russian Federation and the People's Republic of China. Much has been authored on the costs and benefits of such relationship and the prevailing analysis already tends to support China as one of the dominating states to come out in the coming decades
A fundamental economic concept of global commerce is, that in a marketplace with reduced hindrances towards the global movement of goods, nations can find it lucrative to focus on the creation of products that have a relative benefit in manufacturing (Wolak, 2011). This paper offers an evaluation of economic development methods and both, relative and absolute, benefit in global trade as it pertains to the USA, China as well as
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