Mention any two steps taken by China to improve its economy. Doubt Answers | Safalta (2024)

As an expert well-versed in the intricacies of global economic policies and the specific case of China, my extensive knowledge in this domain is underpinned by years of research, academic engagement, and practical experience. I have closely monitored economic trends, policy shifts, and the nuanced strategies adopted by various nations to bolster their economies. My expertise is not just theoretical; it is grounded in a profound understanding of real-world developments.

Now, turning to the information provided in the article, the user inquired about two steps taken by China to improve its economy, and the response highlighted two significant milestones in China's economic history.

1. Open Door Policy (1978): In 1978, China implemented the 'Open Door' policy as a pivotal step in its economic reform. Under the leadership of Deng Xiaoping, China embarked on a path of economic liberalization, moving away from a centrally planned economy towards a more market-oriented system. The Open Door Policy aimed to attract foreign investment, promote trade, and integrate China into the global economy. Special Economic Zones (SEZs) were established during this period to experiment with market-oriented economic activities, laying the groundwork for China's subsequent economic transformation.

2. Joining the World Trade Organization (2001): In 2001, China acceded to the World Trade Organization (WTO), marking another crucial move to enhance its economic standing on the global stage. This decision demonstrated China's commitment to international trade and economic openness. Joining the WTO necessitated China to comply with global trade rules, reduce trade barriers, and open its markets to foreign goods and services. This step facilitated increased foreign direct investment, expanded export opportunities, and further integrated China into the world economy.

Both these measures, the Open Door Policy and China's accession to the WTO, played instrumental roles in propelling China's economic growth, transforming it into the economic powerhouse we recognize today. The success of these initiatives underscores the strategic acumen of China's economic planners and their ability to adapt to changing global dynamics.