China turns to West for equipment, technology
The Peoples Republic of China (PRC) has a new modernization policy based on investments in western equipment and technology that will expedite industrialization, double the growth rate, and improve the standard of living. The Chinese have 120 projects targeted for rapid development, but modernization must be accompanied by increased agricultural output, improved rail transport, and stabilized leadership. Financed by deferred payment credits from the West and Japan, the PRC will expand and improve goods for the export market. Although consumer goods will be exported, the market for consumer imports is expected to be minimal. The PRC is turning away from the philosophy of self-reliance in favor of pragmatic arrangements to reach its goal. U.S. companies seeking trade relations are advised to take advantage of technical exchanges and to communicate directly with the PRC.
- Research Organization:
- Dept. of Commerce, Washington, DC
- OSTI ID:
- 6445205
- Journal Information:
- Bus. Am.; (United States), Journal Name: Bus. Am.; (United States) Vol. 1:4; ISSN BUAMD
- Country of Publication:
- United States
- Language:
- English
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