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China’s opening up and reforms do not have an extensive history. The journey towards economic prosperity
and development started only forty years ago, i.e. in the late 1970s, with a vow to push for economic
development in both urban and rural areas of the world’s most populous country.
This process started, primarily, through Deng Xiaoping’s opening-up-to-the-world policies and the Sino-
Foreign Equity Joint Ventures, adopted on 1 July 1979 at the second session of the 5th National People’s
Congress, under which they permitted, inter alia, foreign capital and allowed Western companies to enter
China; thus, diverting the landscape from traditional to dynamic and modern.
Last forty years of China remain unprecedented in world history as no other country could achieve what
China did in the form of maximum growth through establishment of Special Economic Zones (SEZs).
China’s reforms and opening up through its SEZs are indeed a revolution. According to the definition of
SEZs, they are characterized by a defined geographical area, local management, unique benefits and
separate customs and administrative procedures. In 1980, first four SEZs were created in southeastern
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coastal China and consisted of what were then the small cities of Shenzhen, Zhuhai and Shantou in
These SEZs worked on the basis of comprehensive design and planning. A particular region and the type of
SEZs complemented each other. SEZs were adequately provided with preferential policy and supporting
facilities so as to attract investment. In this regard, prolonged tariff exemptions, better roads, supply of
electricity and water, and flexibility of policies were ensured.
Besides, local governments were allowed to offer tax incentives to foreign investors and to develop their
own infrastructure for which they need not seek the approval of the central government. Business
enterprises have made most of their own investment, production and marketing decisions, and foreign
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