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Its heavy industrial development occurred under absolute state control of the economy during the Maoist period, but by the late 1970s, Maoism had become an economic disaster, leading to a fundamental change in strategy under Deng Xiaoping. For most of the 1980s, Deng's reforms focused on internal marketization, however a major reorientation in strategy occurred in 1988, when Beijing decided to emulate the export booms of other Asian countries by producing labor-intensive goods for markets in advanced industrial societies (Jung)."
This resulted in a relaxation of regulations by China regarding "joint ventures with foreign firms and discouraging low-tech investments (Jung)." The increased capital from other countries, particularly those with companies who could no longer pay its employees low wages to produce products, rose significantly and resulted in a "rapid rise in export, with light industrial goods and products by multinational corporations prominent in this export surge...
While it was surpassed during the past couple of centuries by other countries, China has begun to realize an astonishing rate of growth. Influences from China's rich history can be attributed to many of its current successes. Also, China's dynamism comes not from the state-dominated parts of the economy, but from entrepreneurial firms and organizations, both domestic and foreign. Few besides the Communist Party leadership would argue that the People's Republic of China has a successful development state (Jung)."
Works Cited
Jung, Changhoon. "The resurrection of East Asian dynamism: a call to look beyond the orthodoxies in development studies." Asian Affairs: An American Review.
2004): 22 September.
The World Fact Book-China. (accessed 20 April 2005). www.cia.gov/cia/publications/factbook/geos/ch.html).
Works Cited
Jung, Changhoon. "The resurrection of East Asian dynamism: a call to look beyond the orthodoxies in development studies." Asian Affairs: An American Review.
2004): 22 September.
The World Fact Book-China. (accessed 20 April 2005). www.cia.gov/cia/publications/factbook/geos/ch.html).
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