The Impact of Foreign Trade Policy on China's Economic Development

Abstract

The importance of foreign trade and its impact on the level of economic development of both individual states and the world economy as a whole is steadily increasing. The successful or unsuccessful development of foreign trade relations is largely determined by the state's policy in this area, the use of various tools and methods. China, having begun to reform the economic system, pursued the goal of increasing the competitiveness of the national economy. For this purpose, foreign trade relations with other countries were actively developed in accordance with the interests of China and the priorities of economic development. Over a long period in China was dominated by autarkic tendencies in the sphere of foreign relations, which contradict the idea of integration for joint solutions to existing problems and the liberalization of foreign trade. Since the late 70s, China has realized the need to connect the country to the processes taking place in the world economy and carry out reforms, an important part of which was the implementation of a strategy for the development of foreign economic relations. The new policy assumed the extraction of maximum benefits from cooperation with foreign partners, the modernization of the economy using best practices in the economic, scientific and technical spheres, the diversification of production, the introduction of effective management models. China's foreign trade policy is implemented through a variety of regulatory, control and incentive methods. This makes it possible to take into account the characteristics of specific territories and use the most appropriate tools to achieve the best result. Relevance and insufficient knowledge of the impact of trade on economic development of China in the development of global value chains and the trend towards a multipolar world system, the development of the prospects of transformation of China's foreign trade, led to the selection of topics for articles.