jan 1, 1978 - 'Open door' policy

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Deng Xiaoping, the then leader of the People’s Republic of China, announced a new “open door” policy regarding China’s economic approach. His policy opened up the opportunity for foreign businesses to operate and trade in China, which resulted in increased economic growth and improvement in diplomatic and trading relations. This paved the way for China’s continued economic growth, with increased export and import opportunities and the entering of China as member into the WTO.

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