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Question
Explain any two major policy decisions made by the Chinese government to open and develop its economy.
Solution
The Chinese government made several significant policy choices to open and expand its economy, including:
- The Chinese leadership took major policy decisions in the 1970s. China ended its political and economic isolation with the establishment of relations with the United States in 1972. In 1973, Premier Zhou Enlai proposed the 'four modernisations' in the field of agriculture, industry, science, technology, and military. By 1978, then-leader Deng Xiaoping announced the 'open door' policy and economic reforms in China. The policy was to generate higher productivity through investments in capital and technology from abroad.
- The privatisation of agriculture in 1982 was followed by the privatisation of industry in 1998. Trade barriers were eliminated only in Special Economic Zones (SEZs) where foreign investors could set up enterprises. In China, the state played and continues to play a central role in setting up a market economy.
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