Part III Vocabulary
The Changes in China’s Foreign Trade
Spurred by the fast growing economy, China has witnessed booming trade in the decade. As shown in the chart, before 1978, the foreign trade increased but slowly. China then followed a policy of “self-reliance” and mainly traded raw materials and traditional goods for industrial equipment. After 1978, the rapid economic growth demanded importation of high-technology, which in turn boosted its development. China is now capable of providing the world market with a variety of high quality products. Foreign trade, being of increasing importance, has been spiraling upward.
It is the “open door” policy that has brought about the necessity. Especially after 1986, China made quite a few big decisions, which included opening up many cities to overseas investors, encouraging private business and promoting cultural exchange and cooperation. As a result, joint ventures and private companies mushroomed everywhere in China. Foreign investment and advanced technology flowed in. China has made staggering progress in the productivity now higher than ever before. The Chinese people are confident that a more open China has a bright future.
This year China has decided to open her doors wider than ever to the world. Only continuing increase is expected in foreign trade.