Creating and Managing International Joint Ventures

By Arch G. Woodside; Robert E. Pitts | Go to book overview

4 Key Issues in the Creation of International Joint Ventures with China

Guo-Liang Xuan

Gunnar Gräf


THE ECONOMIC REFORM PROCESS IN CHINA

The main objective of Chinese development is to catch up to the leading industrial nations in terms of industrial production technology and output. The complete modernization of the economy is necessary to attain this objective by the middle of the twenty-first century. China's development strategy is to reform the national economy and to improve economic cooperation with foreign countries.


Reform of the National Economy

The reform is generally referred to the "four modernizations." The "four modernizations" is development of agriculture, industry, science and technology, and national defense. The development of the economy and a higher living standard will be reached through a linkage of market and plan. There is, however, no specified plan for economic reforms; the lack of time and experience, conflicting interests, and the need for compromise are main reasons for the absence of such a plan.

The Chinese economy has overcome the crises of 1989 and 1990 and had a strong growth rate over the last three years. In the spring of 1992, Deng Xiaoping visited the southern provinces to promote a new reform initiative. Since Deng's historical visit, the concept of the "Chinese Socialism" has developed.

The development and implementation of the "socialist market system" is not only an economic strategy but a direct consequence of previously stagnating reforms. (See Table 4.1.)

The concept of Chinese socialism is related to the following four reforms:

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