China's Economic Ascent and the Global Power of the European Union
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Causes for the Rise of the Chinese Economy
The Chinese government implemented several major policy decisions that fueled the rapid rise of the Chinese economy:
- Ending Isolation (1972): The first major decision was to end its political and economic isolation by establishing relations with the United States in 1972.
- The Four Modernizations (1973): China's leader, Premier Zhou Enlai, proposed the "Four Modernizations" focusing on key sectors:
- Agriculture
- Industry
- Science and Technology
- Military
- Open Door Policy and Reforms (1978): By 1978, leader Deng Xiaoping announced the ‘Open Door’ policy and comprehensive economic reforms. The primary goal of this policy was to generate higher productivity through investments of capital and technology from abroad.