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The reform of China’s foreign trade system is very closely associated with the ascendency within the Communist Party of its principle advocate, Deng Xiaoping, following his re-emergence into the party hierachy after the Cultural Revolution. Appointed a vice-chairman of the party in 1975, Deng soon launched himself into a campaign to secure the reform of China’s foreign trade and investment policies. At the heart of Deng’s attempt at reform was the need to break China from Mao’s policy of self-sufficiency in technology and investment. Deng was firmly of the view that the regeneration of China’s flagging industrial development, now clearly exposed by the rapid rise of other East Asian economies, but particularly Hong Kong and Taiwan, would require substantially increased volumes of imported technology and equipment. In order to achieve this goal, Deng advocated the necessity of increasing exports substantially and, more problematically for the party, increasing foreign borrowings. These were necessary if imported technology was to be paid for.
KeywordsForeign Exchange Foreign Trade Pearl River Delta Foreign Capital Export Growth
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