Describe the strategies that China has adopted to promote economic growth and development. Discuss the impact of Globalisation on the Chinese economy.

The People's Republic of China was established in 1949 and has always aimed at achieving high rates of economic growth as well as transforming their economy into an industrial economy. In the last few decades, the world's most populous nation has liberalised its economy and gone from producing low-quality and simple exports to sophisticated high-technology goods while attracting nearly $500 Billion in foreign direct investment (FDI). The Chinese government also implemented many strategies to do this and …

…are on the rise, 2003 saw retail sales grow 9.1% and the tertiary sector expanded by 6.7%. Much remains to complete China's transition to a modern day market-based economy. The momentum of high rates of economic growth need to be maintained but economic growth also needs to be further extended to the services sector, to rural areas, and to the non-coastal provinces for China to complete it's historical and monumental rise to a modern day market0based economy.