2002 January: Euro, the new currency, was introduced in the 12 EU members.
India’s ‘Look East’ Policy since the early 1990s and ‘Act East’ Policy since 2014 have led to greater economic interaction with the East Asian nations (ASEAN, China, Japan and South Korea).
After the inception of the People’s Republic of China in 1949, following the communist revolution under the leadership of Mao, its economy was based on the Soviet model.
The Chinese leadership took major policy decisions in the
1970s. China ended its political and economic isolation with the establishment of relations with the United States in 1972. Premier Zhou Enlai proposed the ‘four modernisations’ (agriculture, industry, science and technology and military) in 1973. By 1978, then-leader Deng Xiaoping announced the ‘open door’ policy
and economic reforms in China. The policy was to generate higher productivity through investments of capital and technology from abroad |
