MGMT 1030 Lecture Notes - Lecture 33: Special Economic Zone, World Trade Organization, Free Trade
9 May 2018
School
Department
Course
Professor
MGMT 1030
Lecture 33
The Liberalized Chinese Economy
➢ Strong move away from state control and collectivization
➢ 1978—6 million collective farms; 1995—230 million family
farms
➢ 1978—384,000 industrial firms averaging 175 employees;
1995—8 million industrial firms averaging 14 employees
➢ Most firms in private hands by 1995
➢ Strong increase in foreign trade
➢ China rehabilitated into the international economy
➢ Diplomatic relations resumed with the U.S. in 1979
➢ Exports (in 1990 constant dollars) increased from $16
billion in 1978 to
$138 billion in 1995
➢ Japanese exports increased from $148 billion to $308
billion in the same period
➢ Special Enterprise Zones (SEZ) created in 1980
➢ Shenzhen, Zhuhai, Shantou, and Xiamen
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Document Summary
Strong move away from state control and collectivization. 1978 6 million collective farms; 1995 230 million family farms. Most firms in private hands by 1995. Diplomatic relations resumed with the u. s. in 1979. Exports (in 1990 constant dollars) increased from billion in 1978 to. Japanese exports increased from billion to billion in the same period. Special enterprise zones (sez) created in 1980. Free trade zones with no duties on material imports. Shenzhen increased from a population of 23,000 in 1979 to 2. 5 million by 1995. 14 coastal cities opened to increased trade. Foreign investment increased from virtually nothing in. Between 1978 and 1995, the share of the chinese gdp devoted to agriculture declined from 33. 7% to 23. 3% Between 1952 and 1978, the percentage of the chinese workforce employed in agriculture declined from 71% to. Between 1952 and 1978, gdp per capita increased 6% per year in china.
