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China is the worlds seventh largest economy and the largest country in terms of population size It has also become the 8th largest world exporter of manufactured goods and the second largest economy in the world after the United States on the basis of purchasing power parity The impact of globalisation on China has been profound having an impact in a number of different areas Government Strategies to promote economic growth and development Between 1978 to 1994 China abandoned agricultural collectivisation replacing it with a system of household responsibility allowing individuals to make their own production decisions Individuals could sell their surplus output in free markets after the state quota was met This lead to dramatic increases in food production and incomes Surplus income was invested into privately run town and village enterprises responsible for light manufacturing The government also increased the authority of local officials and plant managers in industry and permitted a wide variety of small-scale enterprises in services designed to increase productivity with the profit incentive Today non-state economies account for 40 of Chinas gross domestic product GDP In 1980 Special Economic Zones were established in the southern coastal provinces of China as a result of its Open Door policy adopted towards foreign trade and investment These zones attracted foreign investment through incentives offered such as low tax rates exemption from import duties cheap labour and power and less stringent regulations This resulted in an increase in trade from 10 of Gross National Product GNP in 1978 to 36 of GNP by 1996 In 1992 tariff rates were reduced from 32 to 19 supporting Chinas drive for foreign investment Economic growth development and quality of life China has been experiencing a high rate of economic growth above 10 per annum It uses foreign investment funds to finance export industries enabling it to maintain large foreign currency reserves and receive technology transfers from industrial countries Higher productivity and the increased
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