Explain the new economic policies of China since 1978.

The new economic policies relating to China since 1978 were as follows:

(i) China put an end to its economic and political isolation with establishment of relationships with the Unites States in the year 1972.

(ii) Four modernisations in the field of science, industry, technology and agriculture were asserted by Premier Zhou Enlai in 1973.

(iii) Den Xiaoping declared ‘Open Door Policy’ in addition to rapid economic reforms within China. It was meant for generation of higher productivity via investments of technology and capital from other nations.

(iv) The privatisation of agriculture in the year 1982 was followed by privatisation of industry in the year 1998.

(v) The trade barriers were removed only in Special Economic Zones or SEZs wherein foreign investors were capable of setting up enterprises.