China's Economic Growth Due to Recent Foreign Policies Essay

1289 Words Sep 24th, 1999 6 Pages
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Essay Sample
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

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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,
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