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Graphics: a Glance at China's Foreign Trade Transformation in 70 Years

Date: 2020-10-12
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Since its founding in 1949, the People's Republic of China has taken off to become a global superpower in the past seven decades. The country has written a chapter in economic books with its distinctive growth model.

Below are graphics examining the foreign trade transformation of the world's second largest economy. China journeyed from residing within the socialist camp to being considered 'the factory of the world,' before carrying on opening up its market by holding import expos and international services trade fairs.

The first 30 years of economic development laid the foundation for China's reform and opening-up in 1978.

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Graphics: a Glance at China's Foreign Trade Transformation in 70 Years

China's foreign trade steadily expanded in the two decades since the reform. Special Economic Zones (SEZs) were established where incentives such as tax reduction and simplified investment procedures were introduced to attract foreign investment. Shenzhen, the first designated SEZ, saw its economy grow from under 200 million yuan in 1978 to 2.6 trillion yuan (374 billion U.S. dollars) by 2019.

Graphics: a Glance at China's Foreign Trade Transformation in 70 Years

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