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Political Opening and Economic Reform

In: China Superpower

Author

Listed:
  • Francis A. Lees

    (St John’s University)

Abstract

At the conclusion of the 1970s China initiated an open policy toward the rest of the world. Politically, closer relations were established with other countries, especially the industrialized nations. In addition, closer ties and membership were initiated vis-à-vis leading international organizations (the World Bank, International Monetary Fund, Asian Development Bank, and the European Community). Economically, China embarked on a program of increasing its foreign trade and investment with all regions of the world. On the trade side this included reducing tariff and other barriers to imports. Also, China embarked on a program of bringing foreign investors into the country, and providing them with assurances of stable operating conditions and better legal protection of property rights. Equally important, China reached out to make strategically important contacts around the globe. These included tapping overseas capital markets to obtain investment funds and foreign exchange, and undertaking overseas investments in selected natural resources and technology enterprises.

Suggested Citation

  • Francis A. Lees, 1997. "Political Opening and Economic Reform," Palgrave Macmillan Books, in: China Superpower, chapter 2, pages 11-22, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37169-9_2
    DOI: 10.1057/9780230371699_2
    as

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