China's Economy

China has moved from an agraian based economy to one that is based on industries. For 20 years, it practised a socialist type of economy and only in 1979 did it open its doors to outsiders. The gradual economic reforms in the last 20 years such as lowering tarriffs on imports and banking reforms have finally made China an equal partner to the West.

The volume of trade grew from strength to strength: in 1993 it was ranked 11th among the world trading nations, up from 32nd in 1978. However, there were more imports than exports. To counter this situation, China encouraged foreign investments. this led to the influx in foreigners in China. Trade opportunites are wide ranging from retail outlets to setting up of accounting firms. With confidence building in the local market, China presents itself as a global player.