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China's Key to Success

China's Key to Success

2018-12-14

By HU BILIANG

AT the end of 1976, China was, by and large, an agricultural country with a hefty 82.6 percent of its population living in the countryside, the majority in absolute poverty. After a decade of the [cultural revolution" (1966-1976) that concluded in October that year, the Chinese economy had come to the verge of collapse, and its political system was in disarray. It was in these circumstances that the Chinese people took a hard look at the future of their country, and state leaders began to redesign development strategies, policies and plans.

Operating 18 deep-water berths and handling more than 10 million containers annually, the Yantian Port in Shenzhen stands at the forefront of the Belt and Road Initiative.

After two years of deliberation and planning, and on the basis of best practices at the community level, a package of new economic policies, namely, reform and opening-up, were unveiled at the end of 1978, ushering China on a new development path.

In the following four decades, the Chinese economy exhibited exceptional performance. Its manufacturing sector is now the world`s largest in terms of added value. Foreign direct investment (FDI) in actual use has soared from nil to US $133.7 billion, the world`s third largest; and overseas direct investment (ODI) surged from zero to US $183.1 billion, second only to the U.S.

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