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1、TEXTForeignFinanceCapital(PrivateandOfficialCapitalInflows,DirectForeignInvestment)Fearingarevivalofextraterritorialrightsandotherabusesthatcharacterizedthepost-OpiumWar“opening”ofChina,PRCleadershavealwaysconsideredtheutilizationofforeigncapitaltobeasensitive
2、topic.AlthoughtheChineseparticipatedwiththeSovietsinjointventuresinshippingandaviation,aswellasoilandoreproductioninXinjiangduringtheearly1950s,directforeigninvestmentbecameaforbiddentopicfollowingtheSovietdebtrepaymentdebacleinthe1960s.YetChineselivingoversea
3、swerenotregardedasforeigners;apartfromtheyearsoftheCulturalRevolution,theChinesegovernmenthasalwaysactivelycourtedOverseasChineseremittancesandinvestment.ThisexperienceindealingwithOverseasChinesecapitalhadtaughtChineseeliteshowtoopenthedoorto“genuine”foreigni
4、nvestmentby1978beforetheThirdPlenum.UnitEighteen LearningHowtoOpentheDoor —LawrenceC.ReardonForeigncapital:pre-ThirdPlenumorigins.SincethefoundingofthePRC,theChinesehavetakenadvantageofpreferentialloanarrangements.Tofinancethelarge-scaleimportationofSovietturn
5、keyprojectsandequipment,ZhouEnlaisignedChina’sfirstpreferentialloanagreementwiththeSovietUnioninFebruary1950forUS$300millionata1percentinterestrate.FollowingtheSino-Sovietschism,theChinesereadilyaccepteddeferredcreditofferedbyWesterncapitalmarkets.Forthemostpa
6、rt,theyutilizedseller’scredit,whichwasideologicallyacceptablebecauseitwasnotconsideredaformofforeigndebt.Asaresult,theChinesetookupUS$260millioninsellers’creditfromJapan,Britain,WestGermanyandotherWesternmarketcountries(ofwhich70percentwereextendedterms),purch
7、asing51completeplantandequipmentimportsduringthe1960s,andpayingonlyUS$13millionininterest.UnitEighteen LearningHowtoOpentheDoor —LawrenceC.ReardonLikemanydevelopingcountries,Chinawasalsoheavilydependentonforeignremittancesasamajorsourceofhardcurrency.According
8、tothe“ReportonproblemsofOverseasChineseremittances”issuedbytheOverseasChineseAffairsCommitteeandthePeople’sBankin1955,ChineselivingabroadremittedoverUS$600millionbetween1950and1954
