Peking`s Policy of Opening Up to the Outside World

Abstract

Since 1978, the policy of opening up to the outside world has been an important ingredient of Peking`s (Beijing`s) socialist reform drive. `Although the inflow of foreign investment and technology has greatly benefitted economic development in mainland China, the regime is gravely concerned about the social impact of the policy. Opening-up is said to have resulted in ``bourgeois liberalization`` and provided the capitalist countries of the West with an opportunity to promote the ``peaceful evolution`` of mainland China`s socialist system. The Peking regime has countered these negative effects of opening-up by emphasizing the ``four cardinal principles`` and has maintained that opening-up should be conducted in a conditional and limited way. However, unless the leadership is prepared to make institutional adjustments, society is likely to grow more corrupt, thus creating a serious political crisis for the regime.