Special Economic Zones (jan 12, 1980 – mar 24, 1984)
Description:
In general, Special Economic Zones(SEZ) are areas that have different trade and business laws than the rest of the country those areas are in. In an effort to become more open with the world, China’s new economic reforms established SEZ’s in Shantou, Shenzhen, Zhuzai (Guangdong Province) and Xiamen (Fujian Province) and Hainan Province in its entirety. In the 1980’s, China began with a more market-oriented view and made areas like Shenzhen SEZ’s then later opened the zones up to the coastal cities. SEZs have contributed 22% of China’s GDP, 45% of total national foreign direct investment, and 60% of exports. SEZs are estimated to have created over 30 million jobs, increased the income of participating farmers by 30%, and accelerated industrialization, agricultural modernization, and urbanization.
Sources:
https://www.worldbank.org/content/dam/Worldbank/Event/Africa/Investing%20in%20Africa%20Forum/2015/investing-in-africa-forum-chinas-special-economic-zone.pdf
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