Q. 145.0( 3 Votes )

‘China has been t

Answer :

Prior to 1970s, China was notorious for keeping itself isolated from the rest of the world. In 1972, the Chinese leadership ended its isolation by establishing relations with the United States and taking major policy decisions. These included ‘four modernisations’ regarding agriculture, industry, science and technology and military in 1973 and had grown into an ‘open door’ policy and economic reforms in China by 1978. The policies led to the privatisation of agriculture in 1982, which was followed by the privatisation of industry in 1998. Special Economic Zones (SEZs) with eliminated trade barriers were created for foreign investments. All these policies were aimed towards generating higher productivity and including foreign investments of capital and technology. All these factors have contributed towards making China the fastest growing economy in today's world.

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