Case study of China Example | Topics and Well Written Essays - 500 words

Of China - Case Study Example The export led growth strategy in China began back in 1978 with the power acceded by Xiaoping Deng. During this period, China was an unsuccessful state of communist, a poor nation due to the sufferings in the era of Zedong Mao’s Cultural Revolution for ten years. With the inefficient collective agriculture, closed economy, and enterprises owned by the state losing money, the population of China that was fewer than 1 billion shown a per capita income of $353. The entire nation was in poverty. However, with the death of Mao Zedong, a series of Deng Xiaopong’s reforms that were aimed at promoting the growth of the economy of China took over and retained the power of politics in Beijing. This reformed the country. China failed to obtain membership of the World Trade Organization under the leadership of Xiaoping Deng. The nation needed the status of the most favored country from America in the 1990s. China, during the whole of this period, began privatization of TVEs and SOEs in large scale and considerably lowered its tariffs. The process of annual review apart from exposing issues of human rights became a source of Chinese government humiliation, with hard lined China officials remaining a problem just like the negotiators of the United States. The Chinese officials had anticipated that the membership with the World Trade Organization would possibly undo apparatus of institutional socialism. China gained membership of the World Trade Organization eventually in December 2001 despite all the mentioned concerns. The China reforms were however achieved through the membership of World Trade Organization that facilitated the setting of China tariffs and allowed estimation of the cost of production of goods in China based on the cost of inputs. The country also had facilitated specific reforms that promoted the trade in the