Final answer:
Multinational corporations have played a crucial role in China's economic development since the 1970s, with the creation of SEZs and opening up to foreign investment under Deng Xiaoping. China's economic policies have transitioned towards a market-based system with a mixed economy. International trade and manufacturing advancements have elevated China to become one of the world's largest economies.
Step-by-step explanation:
One type of organization that has been important to China’s economic development is multinationals. Since the 1970s, following the leadership of Deng Xiaoping, China adopted a new market-based growth strategy, which included the creation of Special Economic Zones (SEZs) and opening up the economy to foreign investment. This move, referred to as the "Opening of China," allowed multinational corporations (MNCs) to establish factories in coastal cities such as Shanghai, Guangzhou, and Shenzhen, leveraging the large and educated labor force of China and its comparative advantage in manufacturing.
China's participation in the global economy through organizations such as the World Trade Organization (WTO) and its focus on manufacturing and export has significantly bolstered its economic growth, making it one of the world's largest economies. The government's tight control over business operations alongside the shift from a centrally planned economy to a more mixed economy, with elements of free enterprise and open international trade, has fueled this transformation. The infrastructure of international trade from ports like Hong Kong has further facilitated this expansion, making the region a critical trade corridor.