Economics of International Trade China
Exploring the Economics of International Trade: China
"Chinese international trade has experienced rapid expansion together with its dramatic economic growth which has made the country to target the world as its market," and its expansion has only continued to show powerful growth within the international economic marketplace (Sun & Heshmati, 2010, p 1). After China was reopened to trading with the West in 1978, the country has really took off in becoming one of the world's biggest producers and exporters of a plethora of different goods. China has grown tremendously as nations like the United States have become their biggest trading partners. In response, China has helped refuel this growth with the manipulation of their currency and their heavy investment in the U.S. dollar, which ensures them a more competitive position for their exports.
For generations, China had closed itself off to trading and interacting with many Western nations. Tension between the Communist nation and more democratic Western governments continued to grow, isolating China economically and diplomatically from the international community. However, China found itself in a rapidly declining economic condition using the type of Communism that had the Soviet Union in ruins. Reform began to look like a lucrative opportunity to help boost China's own economic structure, giving it a better economic health. As such, "increasing CCP support for Deng Xiaoping's reformist agenda culminated in its basic acceptance by the 11th Central Committee of the CCP" with economic reforms beginning shortly after the monumental Communist decision (Tisdell, 2009, p 274). China reopened itself to economic trade with international markets. This was one of the biggest factors in its current success, as it has found great power within the economic structure of international trade.
Since it opened itself up to international trade in the late Twentieth Century, there has been a complete dominance of Chinese exports in the international markets. According to the research, "The China export marketplace...
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