Influential factors to China's international trade relations (bus 401 m 2 SLP)

China
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Introduction
With a total population that surpasses the 1.2 billion people, the Republic of Chinahas one of the fastest growing economies in the world. It is now one of the most important players in the international trade alongside the likes of the United States and United Kingdom.
Influential factors to China’s international trade relations
One of the factors that have influenced the way China trades with the world is the refinement of the international trading policies. In the 70s Chinawas relying in the inward oriented policies for its trade, right after the heavy reliance on the Soviet Union. During this time, the country relied on the domestic industries to grow the economy (Sun&Heshmati, 2010). Given that such a system does not have the advantage of competition the allocation of the resources cannot be optimized. This forced the country to look into the international trade policies, where they have benefited from the competition and the technology to compete in the world arena.
China has also been working hard to reduce the effects of the trade barriers that inhibit the growth of the international trade within and without its borders. In the 80s China is known to have induced tariffs of up to 56% that would see the foreign goods and services limited to a minimum making sure that they do not flood the Chinese market. This was in an effort to protect the local companies from the loss of revenue that would come from the foreign goods and services. Within the two decades that followed China saw to it that the tariffs are dropped to the bare minimum. This saw the import of technology with majority of the companies established in China being from Japan, United States and the West Germany (Chand, 2013).
To develop the local market such that they can be in a position to compete in the international trade, China has adopted the science and technology policies. Though the Ministry Of Foreign Trade And End Economic Cooperation Of China, a national strategy was hatched, emphasising on the revitalization of science and technology in every industry. The government made sure that all the industries that were using the best technology would be assisted with their international trade. As of today China is one of the leading countries with reference to the technological products sold around the world.
Globalisation has also been one of the factors that have influenced the way China i...