In order to attract foreign investment and industry, China allowed for

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BlackTom AI · Accepted Answer

The question asks: In order to attract foreign investment and industry, China allowed for

The provided answer indicates: Specialized economic zones

Since the answer options are not listed in the prompt, I will reason around the stated correct option and the historical context.

What is a specialized economic zone? A SEZ is a designated area in a country that has different economic laws and incentives to attract foreign direct investment and boost industry. Typical features include tax incentives, less stringent regulations, improved infrastructure, and streamlined customs procedures. These zones aim to create favorable conditions for foreign firms to invest and for domestic industries to grow, often by concentrating resources, labor, and services in a geospatial area with policy advantages.

Why this option makes sense: 
- SEZs are explicitly designed to attract foreign investment and to develop industry by providing favorable policy environments. 
- They have been used globally (e.g., Shenzhen in China, other coastal or border zones) as a successful instrument to spur industrial growth and integration into global supply chains.

Why other hypothetical options (if they existed) might be incorrect: 
- If an option claimed that only domestic investment is encouraged, that would overlook the core purpose of SEZs, which is to attract foreign capital and technology. 
- If an option asserted that SEZs impose uniform national regulations with no incentives, that would contradict the very premise of SEZs, which rely on distinct and favorable regulations to attract investment.
- If an option described zones without indicating any policy or infrastructural incentives, it would not explain the mechanism by which foreign investment was drawn in.

In summary, the concept of specialized economic zones aligns with the strategy of creating controlled enclaves with advantageous policies to lure foreign investors and accelerate industrial development in China. The reason it is selected is because SEZs are a recognized instrument used for that exact purpose, whereas the other imagined alternatives would fail to capture the incentive-driven, policy-focused nature of SEZs.

SP25_ECON_363_1 Problem set for week 1

In order to attract foreign investment and industry, China allowed for

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