China's Economic Growth Due to Recent Foreign Policies Essay

1289 Words Oct 18th, 1999 6 Pages
China's Economic Growth Due to Recent Foreign Policies

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
…show more content…
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 Chinese pharmaceutical market, much like Chinese industrial markets, is experiencing rapid growth due to reforms in China's economic strategy. The nation's government has decided to lower import tariffs and remove the necessity of an import license to bring pharmaceuticals into the country. Also, patented foreign drugs, such as Tylenol, are now being protected from counterfeiting by administrative action. The result of these provisions are overseas contractual investments totaling $1.5 billion in the past five years, and income from the medical industry's exports reaching 2.6 times the amount five years ago, according to Zheng Xiaoyu,

Related Documents