30 in 30 - 1996: Special economic zones

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Source: CCTV.com | 12-07-2008 10:57

By the mid 1990s, China's reform and opening up had brought a remarkable transformation to the country's economic landscape. The changes were most evident in the bustling business activities along the coastal regions, especially among the so called "special economic zones".

Launched in the 1980s, the special zones were given flexible policies to conduct economic reform. In today's "Thirty in Thirty" series, we look at this unstoppable trend of reform and the model of "special economic zones".

Xiamen special economic zone celebrates its  25th anniversary of founding on Dec. 22, 2006.

Next in the special series, we'll look at the return of Hong Kong, and the economic links between the mainland and the Special Administrative Region.

In December 1996, policymakers were steadfast in the continuation and consolidation of economic reform.

A national meeting was held in Shenzhen, China's first special economic zone.

State Council officials said transformation in trade and business should alternate the country's development model between speed and quality, optimizing trade structures, and improving sustainability.

1996 was also the first year of a new five-year growth plan. Given achievements made in the past, officials said flexible policies would be granted to more cities and regions, and more measures would be taken to reform the national economic setup.

On the same day Xiamen celebrated its fifteenth anniversary as a special economic zone.

Two ceremonies for construction projects for transportation were also held.

An official from the National People's Congress said Xiamen had entered a second stage of development. As the country was set to deepen reform, the city should serve this aim by accumulating relevant experiences as an economic testing ground.

Shenzhen and Xiamen were among China's earliest gateways to foreign investment. They were designated as special economic zones in the beginning of the 1980s. Both were chosen for geographical reasons - Shenzhen, to attract investment through Hong Kong, and Xiamen, to welcome businesses from Taiwan.

For years, the special economic zones took the lead in the country's economy, focusing on imports and exports as well as manufacturing. Their success encouraged the government to expand this scheme to cover almost all coastal regions, opening more cities to foreign capital.

By 1996, there were dozens of special economic zones around the country that had opened up to foreign trade and investment. Most were not officially designated, but in practice they were experimenting with the same economic reforms. Their experiments were also encountering new issues and missions - to maintain the growth of a newly established market economy, and to explore ways to become more mature, and innovative.

Editor:Xiong Qu