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China's economic restructuring through induced capital inflows
Mantzopoulos, Victoria Shen, Raphael
Mantzopoulos, Victoria
Shen, Raphael
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n10523.pdf
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Abstract
Mao Zedong was China’s “Great Helmsman” between 1949 and 1976. Corollary to his vision for China, all major social, economic and political decisions bore his personal imprimatur.Mao advocated self sufficiency and isolated China’s economy from the rest of the world. By the time of his demise in 1976, the mold had been cast. China’s economy had only negligible interaction with the rest of the world’s economies. Once Mao was out of the picture, Deng Xiaoping and his colleagues who had been previously disgraced and removed from public office by Mao, were promptly back to center stage. Deng succeeded Mao as China’s paramount leader in 1978. Economic restructuring and modernization began. Deng’s approach to systemic transformation in China combined tight political controls with liberalizing economic policies. Attracting foreign investment and liberalizing foreign trade became two major engines of structural reform and economic development for China. After nearly three decades of reform, China has already become the third largest economy in the world. Its immense population as been providing low-cost labor for the market-hungry foreign investors. Though nearly 40% of China’s GDP still originates from the state sector, the country remains a favorite site for global manufacturing relocations. China’s economy has been achieving nearly double-digit annual growth rate for years. This paper researches original documents, official data, select laws/decrees and current writings for analyzing China’s unique experience with inducing foreign capital inflows since 1979. It also analyzes the likely consequences of its foreign-economic-relations policy on the rest of the world’s economies.
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2011-01
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With permission of the license/copyright holder