The Impact of Chinas Modern Foreign Policies on Economic...

The Impact of Chinas Modern Foreign Policies on Economic Growth Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas 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 Chinas 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†¦show more content†¦Chinas 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. ATT, 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 Chinas economic strategy. The nations 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 industrys exports reaching 2.6 times the amount five years ago, according to Zheng Xiaoyu, director of the State Pharmaceutical Administration (scitech/med 1). The pharmaceutical markets growth is another example of the economic progress China has made. Even after accounting for all the economic benefits recognized by the world, the Chinese still come out as the country with the most gains. However, there are more motivesShow MoreRelatedChina s Impact On China1321 Words   |  6 Pages Moreover, after setting up economic institutions and an industrial base, Deng Xiaoping established various Special Economic Zones in China that allowed for increased foreign investment, helping to develop China’s commercial growth. As described before, when Deng Xiaoping came to power, his goal was for China to fulfill the Four Modernizations: modernization in agriculture; industry; science and technology; and defense. 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