Economics and Business of the Asia Pacific Region Essay

Economics and Business of the Asia Pacific Region - Essay Example The country focused on enhancing its economic situation by introducing positive alterations in its income, output along with employment. The reform also aimed at altering the economic structure of China fostering foreign trade to a large extent from. It can be stated that the post-Mao reforms in China were more focused on the reorganizing the economic structure which tends to restrict sustainable development. Thus, the purposes and objectives relevant to the restructuring can be observed as strongly associated with the economic expansion and progress during the late 1970s (Liou, 1998). On the other hand, the strategy of open door was intended to lure the foreign investors, highly developed technology along with management expertise to the cities of China as well as the coastal regions. This restructuring policy implemented in the post-Mao reform had a significant influence and contribution towards the overall economic growth of China, its economic composition and the distribution of the economic actions in the national stage as well as in the local stage. It is worth mentioning that the contribution of this policy was more apparent in a few specific local regions that that in the overall national environment (Weng, 1998). These development policies contributed greatly towards the enhancement of the macroeconomic functions and the living standards of the residents in China. For instance during 1978 to 1995, the Chinese economy was observed to attain rapid growth which was recorded in majority of the facets of the different economic indicators such as, gross national product by 9.8 percent, boost in per capita GNP by 8.3 percent, boost in the total production value in terms of agriculture by 6.6 percent and boost in the industries total production value by 15.0 percent. This entailed an annual boost of the overall economic performance and thus played a key role in enhancing the living standards as well as macroeconomic functions within the country (Mauri, 2008; L iou, 2000). In addition, the post-Mao economic restructures not only had a positive effect on the Chinese economy but also had a direct as well as an indirect consequence on the other facets that formed the part of the Chinese society including the state-society relations.