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The World's Factory
In China's modern economic history, the Open Door Policy refers to the new policy by Deng Xiaoping in December 1978 to open the door to foreign businesses that wanted to set up in China. Special Economic Zones (SEZ) were set up in 1980 in his that to modernize China's industry and its economy, he needed to welcome foreign direct investment. Chinese economic policy then to encouraging and supporting foreign trade and investment. It was the turning point in China's economic fortune started its way on the path to becoming 'The World's Factory'.
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