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In the late 1970s, while Japan and Hong Kong rivaled European countries in modern technology, China's citizens had to make do with barely sufficient food supplies, rationed clothing, inadequate housing, and a service sector that was inadequate and inefficient. All of these shortcomings embarrassed China internationally.
Larger and more modern fertilizer plants were located in every municipality, province, and autonomous region. In the early 1970s, China negotiated contracts with foreign firms for construction of thirteen large nitrogenous-fertilizer plants. By 1980 all thirteen plants had been completed, and ten were fully operational.
China has become the world's second largest economy by GDP (Nominal) and largest by GDP (PPP). 'China developed a network of economic relations with both industrial economies and those constituting the semi-periphery and periphery of the world system.' [1] Due to the rapid growth of China's economy, the nation has developed many trading partners throughout the world.
China is reasserting its position as the world's largest economy, which it had lost. [5] There was little difference in GDP per capita based on level of development in earlier eras, so in 1500, China was the largest economy in the world, followed closely by India. [5]
The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. The speed of China's transformation in this period from one of the poorest countries to one of the world's largest economies is unmatched in history. [1]: 11
This is a list of sovereign states in the 1970s, giving an overview of states around the world during the period between 1 January 1970 and 31 December 1979. It contains 191 entries, arranged alphabetically, with information on the status and recognition of their sovereignty .
Industrial estates were set up and foreign investment was attracted to the country with tax incentives. Meanwhile, Taiwan and South Korea began to industrialize in the mid-1960s with heavy government involvement including initiatives and policies. Both countries pursued export-oriented industrialization as in Hong Kong and Singapore. [12]
During the 1970s trade with the Soviet Union averaged about 2 percent of China's total, while trade with all communist countries made up about 15 percent. In 1986, despite a trade pact with the Soviet Union, Chinese-Soviet trade, according to Chinese customs statistics, amounted to only 3.4 percent of China's total trade, while trade with all ...