China, with its strategy of opening up and attracting international investment, has made a remarkable leap from a closed and primarily agricultural economy in the 1970s to one of the largest economies in the world today. This policy has not only helped China significantly improve its infrastructure, but also created millions of jobs, stimulated domestic consumption, and built a solid foundation for sustainable development in the future.

1. Opening-Up Policy and Attracting International Investment

The major turning point in China’s economic strategy occurred in the late 1970s, when Deng Xiaoping began to implement economic reforms and the "Opening Up" policy (改革开放). China began attracting international investors, especially to special economic zones such as Shenzhen, Xiamen, and Zhuhai. This policy allowed foreign companies to open branches, invest in industries, and take advantage of China’s cheap labor.

Benefits from attracting investment: Opening up has helped China gain access to advanced technology, modern production processes, and international management models. Foreign investment not only brought large amounts of capital but also promoted technology transfer, helping Chinese industries improve labor productivity and product quality. This created a major boost for China’s manufacturing and export sectors, especially in areas such as electronics, automobiles, and consumer goods.

2. Creating Millions of Jobs

One of the most obvious impacts of the opening-up policy and attracting international investment is the creation of millions of jobs for the Chinese people. International investors, especially in the manufacturing sector, have built numerous factories and production facilities in China, creating job opportunities not only in industrial zones but also in supporting sectors such as transportation, raw material supply, retail services, and logistics.

Creating jobs for both rural and urban areas: The increase in industrial zones and factories has attracted a large amount of labor from rural areas, where unemployment and poverty rates are still high. These workers, through jobs in factories, have had the opportunity to earn a stable income, thereby improving family life and reducing the wealth gap between urban and rural areas.

Developing skilled labor: In addition to creating jobs for unskilled labor, foreign companies also contribute to training and improving the skills of the labor force in China. Working at international companies, especially in high-tech and modern manufacturing industries, requires workers to have specific skills. This has helped improve the quality of China’s human resources, while enhancing the country’s competitiveness in the international market.

3. Boosting Domestic Consumption

As people’s incomes increase due to employment and stable wages from foreign companies, domestic consumption demand also increases. China has witnessed a strong increase in consumption, not only for essential goods but also for high-end consumer products.

The increase in consumption demand: One of the important factors driving domestic consumption is the increase in income of the middle class. China now has one of the largest consumer markets in the world, with millions of consumers with high spending power. Industries such as automobiles, consumer electronics, and real estate have seen strong growth, while helping to create new job opportunities and economic growth.

Strong growth in the retail and service sectors: Rising living standards have also led to the development of service and retail sectors. Shopping malls, supermarkets, and online services have developed strongly, meeting the increasing needs of the people. China has become a large consumer market, not only for domestically produced products but also for imported products from other countries, especially in the fields of fashion, food, and technology.

4. Economic Growth and Global Position

The opening-up policy and attracting international investment have not only helped China create jobs and boost consumption but also contributed to strong economic growth. Thanks to producing goods at low costs and exporting to many countries, China has become the second-largest economy in the world, second only to the United States.

Strong export economy: China has made the most of its advantage in cheap labor and international investment to become the "world’s factory." Producing cheap and good-quality goods has helped China dominate global export markets, contributing significantly to the country’s GDP. In addition, China has also transformed itself into a global financial center with the strong development of stock exchanges and international banks.

Sustainable growth and global economic integration: The opening-up policy has not only helped China develop rapidly but has also laid the foundation for the country to integrate into the global economy. China joined the World Trade Organization (WTO) in 2001, thereby expanding trade relations with other countries, attracting more investment capital, and increasing the country’s economic strength.

Conclusion

China’s policy of opening up and attracting international investment has not only changed the face of the economy but has also helped the country rise to become one of the largest economies in the world. By creating millions of jobs, boosting domestic consumption, and growing strongly in industries, China has demonstrated the power of adopting open strategies and international economic integration. These achievements not only contribute to China’s development but also have a profound impact on the global economy.