Economy riding on the back of opening-up

Since its founding in 1949, New China has adhered to an independent trade policy, with the Chinese government making great efforts to develop foreign trade in an all round way in the initial years.

But due to the United States' intervention in the Korean War (1950-53) and its economic blockade against China, the Chinese government was compelled to conduct trade and economic exchanges mainly with the Soviet Union. In fact, by 1954 Beijing had signed 156 construction aid projects with Moscow, laying a foundation for China's socialist industrialization.

During that period, China established trade and economic relations with some Asian and African countries. And in 1957, it held the Canton Fair, or China Import and Export Fair, to expand trade and economic relations with other countries.