CHINA’S DEVELOPMENT MODEL
China’s development model, in my opinion, resembles a combination of both ISI and EOI strategies. Import-substituting industrialization (ISI) emphasizes the protection of infant industries. On the other hand, Export-oriented industrialization(EOI) stresses a capital-intensive industrial structure with much concern for exports. Therefore, China’s development model has resembled both strategies over the years, with export promotion being used to sustain ISI. Additionally, ISI has always been the central focal point of development. China is a regional power with a vast internal market and, consequently, with a larger economy to engage in ISI. To conclude, China has put ISI on top of its agenda list and consequently sustained heavy industries’ development.
China’s development model, in my opinion, resembles a combination of both ISI and EOI strategies. Import-substituting industrialization (ISI) emphasizes the protection of infant industries. On the other hand, Export-oriented industrialization(EOI) stresses a capital-intensive industrial structure with much concern for exports. Therefore, China’s development model has resembled both strategies over the years, with export promotion being used to sustain ISI. Additionally, ISI has always been the central focal point of development. China is a regional power with a vast internal market and, consequently, with a larger economy to engage in ISI. To conclude, China has put ISI on top of its agenda list and consequently sustained heavy industries’ development.