Initially, China kept its economy stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy. It was not until the opening up to foreign trade and investment, through radical economic restructuring, that China has been one of the world’s fastest-growing economies in the recent decades…
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Domestic policies have seen China’s economic development rise and continue to grow, even as other large world economies experience negative or stagnant growth. These policies opened up China to foreign trade and investment leading to a fast-growing economy in the recent decades; moreover, the domestic policies supported industrialization and structural change stimulates growth. They aim at developing strong and sustained investments that are driven at the very low levels, thus empowering the poor and uplifting their financial status (United Nations, 2012 p. 39). Effective management and proper implementation of the laid down policy frameworks have lead achievement of substantial strides in the developing China’s economy.
The formulation of domestic policies established reforms in various sectors of the economy such as agriculture, industry, trade and foreign investment, which has also seen economic growth and human development. Reforms in the agricultural sector alleviated extreme poverty and food shortages; food prices also fell as the agricultural income was on the rise. In the industrial sector, there was large-scale privatization of enterprises owned previously owned by the local government. This encouraged growth of the private sector, and increased their output and increased the revenue to the economy. Initially, China’s economy centrally controlled, vastly inefficient and isolated from the global economy but with reforms to policies on trade and foreign investments, the economy improved to achieve a steady growth rate each year (Sahoo et al, 2010 p. 3).
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