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Doing business with… China China: a recent history


1978 Deng Xiaoping introduces his economic revolution, sparking a 14-fold


growth in China’s economy by 2007.


1980 China introduces special economic zones offering incentives


to foreign investors. Shenzhen is first, followed by Zhuhai, Shantou, Xiamen and Hainan.


1989 The government crushes protests in Tiananmen Square following


the death of pro-democracy official Hu Yaobang. Fatalities are said to be in the thousands.


2001 China joins the World Trade Organisation.


2002 The country is


1990 The Shenzhen and Shanghai stock exchanges are founded.


1992 Brilliance China Automotives is the first Chinese company to gain


a direct listing on the New York Stock Exchange.


1994 Work begins on the Three Gorges dam: good for growth, but


millions have to relocate, and it risks environmental catastrophe.


hit by the SARS outbreak – it strikes 5,327 people, killing 349. The Communist Party allows entrepreneurs into its central command.


2003 GDP expands at 9.3 per cent, the highest rate since 1997. China also


launches its first manned space flight, and becomes the world’s largest recipient of foreign investment. Watch out America.


2004 Lenovo snags the biggest overseas acquisition by a Chinese


company – buying IBM’s PC wing for $1.75bn.


1997 Britain hands Hong Kong back to the Chinese. Following the


Asian economic crisis, average profit margins at state-owned businesses are close to zero.


1998 New Premier Zu reforms China’s struggling state-controlled sector.


22 businesslife.je June/July 2010


2009 Profits at the top 135 state-owned businesses hit CNY316bn


($46bn).


2008 China hosts its first Olympics. It tops the medal table for the first time,


with 51 golds, but loses in terms of press freedom and human rights abuses.


2006 Beijing introduces its 15-year Science and Technology Plan to foster


domestic enterprise.


2007 China overtakes Germany to become the world’s third-largest


economy – and the world’s largest emitter of carbon dioxide.


1999 Macao returns from the Portuguese. It becomes the largest


gambling centre in the world by revenue.


2005 China National Offshore Oil Corporation bids $18.5bn for US firm


Unocal – an audacious attempt to grab overseas resources. It prompts a political backlash in the States.


GETTY


GETTY


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