Foreign Trade
Foreign trade was small by international standards but was growing rapidly in size and importance, as it represented 20 percent of GNP in 1985. Trade was controlled by the Ministry of Foreign Economic Relations and Trade and subordinate units and by the Bank of China, the foreign exchange arm of the central bank. Substantial decentralization and increased flexibility in foreign trade operations occurred since the late 1970s. Textiles were leading the export category. Other important exports included petroleum and foodstuffs. Leading imports included machinery, transport equipment, manufactured goods, and chemicals. Japan was the dominant trading partner, and accounted for 28.9 percent of imports and 15.2 percent of exports in 1986. Hong Kong was a leading market for exports (31.6 percent) but a source of only 13 percent of imports. In 1979 the United States became China's second largest source of imports and in 1986 was the third largest overall trade partner. Western Europe, particularly the Federal Republic of Germany, was also a major trading partner. Tourism was encouraged and growing.
Read more about this topic: Economic History Of The People's Republic Of China, Economic Policies, 1949-80, Reform of The Economic System, Beginning in 1978
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