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Chasing the Dragon: Will India Catch Up with China? by Mohan;Singh Guruswamy, Zorawar Daulet

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3

FDI in China: A Brief Survey

EVOLUTION OF CHINA'S FOREIGN INVESTMENT POLICY

It has been three decades since Chairman Deng uttered the words: ‘It's glorious to be rich’ and ‘it does not matter whether the cat is black or white, as long as it catches the mice!’ This was the signal to throw overboard the Marxist-Leninist orthodoxy and Maoist idiosyncrasies. Following these fundamental changes, which were initiated at the third plenary session of the 11th Chinese Communist Party Congress in December 1978, began the wave of revolutionary reforms that have since transformed the Chinese economy. China has attracted a spectacular amount of FDI since it opened up to the outside world in 1979 (see Chart 3.1). Average FDI inflows rose from US$ 3.9 billion ...

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