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Question
Explain any three steps taken by China to grow its economy.
Solution
Three steps taken by china to grow its economy are:
- Open Door Policy: The Open Door Policy was started by Deng Xiaoping. He wanted to open the Chinese economy to international investment through this program. He encouraged global MNCs to establish production units in China and offered them all available assistance. This resulted in an increase in employment and the expansion of China's economy.
- Robust Development of Infrastructure: Economic development requires the construction of accommodating infrastructure for a variety of reasons, including transportation and communication. The government aggressively extended roads, trains, and airports to improve mobility. This drew foreign institutions to invest in China's economy.
- Huge Investment of the State in Industrial Development: The Chinese government invested much in establishing new enterprises and developing new technology. These technologies were associated with information technology, space exploration, biotechnology, and other cutting-edge technologies. As a result, China's global image as an economic power has improved.
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