CUT AND PASTE!!!

Due to Mao’s and communism failed economic policies, the new Communist leader of China in 1980, Deng Xiaoping began a series of new economic experiments to help China’s failed economy.

•As part of its economic reforms and policy of opening to the world, between 1980 and 1984 China established special economic zones (SEZs). These SEZ were primarily an experiment in the southern coastal cities of China. In 1984 China opened 14 other coastal cities to overseas investment.

•Then, beginning in 1985, the central government expanded the coastal area by establishing the following open economic zones (listed north to south): Liaodong Peninsula, Hebei Province (which surrounds Beijing and Tianjin), Shandong Peninsula, Yangtze River Delta, Xiamen-Zhangzhou-Quanzhou Triangle in southern Fujian Province, Pearl River Delta, and Guangxi.

•In 1990 the Chinese government decided to open the Pudong New Zone in Shanghai to overseas investment, as well as more cities in the Yangzi River Valley.

•Since 1992 the State Council has opened a number of border cities and all the capital cities of inland provinces and autonomous regions.

•In addition, 15 free-trade zones, 32 state-level economic and technological development zones, and 53 new and high-tech industrial development zones have been established in large and medium-sized cities. As a result, a multilevel diversified pattern of opening and integrating coastal areas with river, border, and inland areas has been formed in China.

•Special tax incentives for foreign investments in the SEZs.
•Greater independence on international trade activities.
•Economic characteristics are represented as "4 principles":

1. Construction primarily relies on attracting and utilizing foreign capital
2. Primary economic forms are Sino-foreign joint ventures and partnerships as well as wholly foreign-owned enterprises
3. Products are primarily export-oriented
4. Economic activities are primarily driven by market forces