An Economic Survey of Communist China

By Yuan-Li Wu | Go to book overview

CHAPTER THIRTEEN
Foreign Economic Relations

I
INTRODUCTION1

The predominance of political considerations in Communist China's economic development and government policy, such as we have noted in the course of "land reform," the perversion of the trade union movement, and the forced pace of industrialization, to mention just a few examples, is even more pronounced in the field of foreign economic relations. Problems of the balance of international payments, both in the wake of the hyper-inflation and as a result of the long-term program of industrialization, are intertwined with such developments as the United Nations' embargo against Communist China and the latter's reaction to it. Superimposed on these issues are the logical inclination and, possibly, political necessity for Communist China, as a member of the Soviet Bloc, to reorient its trade towards other members of the Bloc and to recast its traditional pattern of economic ties. In this area, also, the working of the market's economic forces and the profit motive have continued to assert themselves in the face of stringent controls. The British free port of Hongkong, which is used as a principal transit point for western trade with Communist China, also provides a convenient point at which the strictly controlled jen-min pi may be bought and sold. In view of Communist China's industrial backwardness and the government's overwhelming desire to industrialize rapidly, dependence on imports may be regarded as one chink in the armor, which gives us an additional vantage point from which foreign economic relations may be viewed.


FOREIGN TRADE POLICY IN 1949-1950

As mentioned in Chapter II, China's postwar balance of international payments was in a precarious position. The deficit on cur

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An Economic Survey of Communist China
Table of contents

Table of contents

  • Title Page ii
  • Preface vii
  • Contents ix
  • Chapter One - Introduction 1
  • Notes 10
  • Chapter Two - Background and Heritage 12
  • Notes 60
  • Chapter Three - Economic Stabilization and Fiscal Policy 64
  • Notes 108
  • Chapter Four - Land Redistribution and Its Implications 113
  • Notes 151
  • Chapter Five - Agricultural Production and Self-Sufficiency 154
  • Notes 189
  • Chapter Six - Industrialization, Planning and Socialization 192
  • Notes 232
  • Chapter Seven - An Appraisal of General Industrial Recovery and Development 238
  • Notes 275
  • Chapter Eight - Survey of Selected Industries 280
  • Notes 310
  • Chapter Nine - Forced Labor and Mass Labor Projects 316
  • Notes 338
  • Chapter Ten - Transportation and Domestic Trade 341
  • Notes 390
  • Chapter Eleven - Monetary and Banking Control 395
  • Notes 421
  • Chapter Twelve - Labor Organization and Wages 424
  • Notes 453
  • Chapter Thirteen - Foreign Economic Relations 456
  • Notes 496
  • Chapter Fourteen - Conclusion 501
  • Notes 507
  • Appendix 509
  • Index 552
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