¶ … economic conditions and general dynamics of the Chinese economy in lieu of the changing social and political paradigm.
The further opening up of the Chinese economy will better the condition of the people of China and will improve the lot of the worker. The relaxation of 1979 has lead to an improvement of the overall economy and if China adopts a truly open economy the overall economic situation of the citizens will improve.
Testing Procedure:
This hypothesis is going to be tested with the help of the previous data that has been collected and in the light of the previous events that have brought about a change in the economy of China.
The importance of trade for any country is very strong, since trade with other countries brings in foreign exchange and strengthens the economy. East Asia has been the among the fastest growing regions in the world over the past two decades, in spite of the East Asian currency crisis of 1997-1998. In the region, China is the fastest growing country with a growth rate of 10% per annum since beginning of economic reform in 1979.
China has managed to survive the East Asian currency crisis fairly safe and sound. China is one of the very few socialist countries that have managed to make a flourishing economic change over from a centrally planned economy to a market economy, with the rate of interest, which is the price of money, and the exchange rate are the only prices that are still decided upon by the government. The private, non-state sector accounts for 60% of the Gross Development Product in 1999. China is no longer a shortage economy; aggregate demand in short supply is a real prospect
The Chinese people have benefited greatly and have been helped by trade in recent years. For example, Chinese contractors have been hired to provide a more developed road and rail network to the underdeveloped areas, offering the residents of such areas better access to the technology and markets of the cities. Chinese workers lay the foundation for the new highway system using only shovels and other hand held tools.
It would be much better for everyone that is involved in the project if modern construction tools such as bulldozers, backhoes, etc. were used by the road-builders. The West can trade with ease in such products with China and in the process improve the working conditions of Chinese workers. However, this is only possible if the Chinese people are allowed to continue on the path to prosperity.
Even though China has not yet opened itself up to the West to fully participate in this mutually beneficial exchange, the initial opening up in 1979 has shown that it has benefited greatly from what little trade it has participated in. A major reason for China's not being able to trade openly on an international level is that most foreign companies call for guarantees that the U.S. will not stop trade with China in the future.
With the establishment of Permanent Normal Trading Relations (PNTR), businesses will no longer consider investment in China as a risk due to political disagreements. The establishment of Permanent Normal Trading Relations (PNTR) would mean that China would start receiving, along with such products like construction equipment and cellular phones, the influence of economic and personal freedoms that its American trading partners benefit from. Permanent Normal Trading Relations (PNTR) will not only provide more consumer options for American and Chinese citizens but will also encourage the growth of more highly skilled labor in both countries.
People and countries that are opposed to expanded Western trade with China and the country's admittance into the World Trade Organization (WTO) normally refer to the Communist regime's concentrated effort to wipe out human freedoms as reason to isolate China. What such groups have to be aware of is that trade and contact with Western ideas is essential to expanding the very freedoms that are under restriction right now.
China is increasing its efforts to privatize state owned industries and to authorize greater autonomy in labor mobility and choice of occupation, and is even encouraging the private accrual of wealth. All this is in spite of the fact that with economic liberalization and private wealth comes a shift of power away from the government and toward the private sector. This means that now the ruling class that opens up the economy ends up surrendering power out of necessity if not by intent, not just in one area but every area of business.
Economic Overview:
China's...
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