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Author: Robert C. Feenstra Publisher: University of Chicago Press ISBN: 0226239721 Category : Business & Economics Languages : en Pages : 603
Book Description
In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
Author: Robert C. Feenstra Publisher: University of Chicago Press ISBN: 0226239721 Category : Business & Economics Languages : en Pages : 603
Book Description
In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
Author: Richard C. Bush Publisher: Brookings Institution Press ISBN: 0815728131 Category : Political Science Languages : en Pages : 255
Book Description
A close-up look at the struggle for democracy in Hong Kong. Hong Kong in the Shadow of China is a reflection on the recent political turmoil in Hong Kong during which the Chinese government insisted on gradual movement toward electoral democracy and hundreds of thousands of protesters occupied major thoroughfares to push for full democracy now. Fueling this struggle is deep public resentment over growing inequality and how the political system—established by China and dominated by the local business community—reinforces the divide been those who have profited immensely and those who struggle for basics such as housing. Richard Bush, director of the Brookings Institution’s Center on East Asia Policy Studies, takes us inside the demonstrations and the demands of the demonstrators and then pulls back to critically explore what Hong Kong and China must do to ensure both economic competitiveness and good governance and the implications of Hong Kong developments for United States policy.
Author: Paul Blustein Publisher: McGill-Queen's Press - MQUP ISBN: 1928096867 Category : Business & Economics Languages : en Pages : 249
Book Description
China's entry into the World Trade Organization (WTO) in 2001 was heralded as historic, and for good reason: the world's most populous nation was joining the rule-based system that has governed international commerce since World War II. But the full ramifications of that event are only now becoming apparent, as the Chinese economic juggernaut has evolved in unanticipated and profoundly troublesome ways. In this book, journalist Paul Blustein chronicles the contentious process resulting in China's WTO membership and the transformative changes that followed, both good and bad - for China, for its trading partners, and for the global trading system as a whole. The book recounts how China opened its markets and underwent far-reaching reforms that fuelled its economic takeoff, but then adopted policies - a cheap currency and heavy-handed state intervention - that unfairly disadvantaged foreign competitors and circumvented WTO rules. Events took a potentially catastrophic turn in 2018 with the eruption of a trade war between China and the United States, which has brought the trading system to a breaking point. Regardless of how the latest confrontation unfolds, the world will be grappling for decades with the challenges posed by China Inc.
Author: Eswar Prasad Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 80
Book Description
China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
Author: Barry Eichengreen Publisher: Brookings Institution Press ISBN: 0815726120 Category : Political Science Languages : en Pages : 401
Book Description
A Brookings Institution Press and Asian Development Bank Institute publication Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
Author: Mr.Koshy Mathai Publisher: International Monetary Fund ISBN: 1475531710 Category : Business & Economics Languages : en Pages : 84
Book Description
China’s trade patterns are evolving. While it started in light manufacturing and the assembly of more sophisticated products as part of global supply chains, China is now moving up the value chain, “onshoring” the production of higher-value-added upstream products and moving into more sophisticated downstream products as well. At the same time, with its wages rising, it has started to exit some lower-end, more labor-intensive sectors. These changes are taking place in the broader context of China’s rebalancing—away from exports and toward domestic demand, and within the latter, away from investment and toward consumption—and as a consequence, demand for some commodity imports is slowing, while consumption imports are slowly rising. The evolution of Chinese trade, investment, and consumption patterns offers opportunities and challenges to low-wage, low-income countries, including China’s neighbors in the Mekong region. Cambodia, Lao P.D.R., Myanmar, and Vietnam (the CLMV) are all open economies that are highly integrated with China. Rebalancing in China may mean less of a role for commodity exports from the region, but at the same time, the CLMV’s low labor costs suggest that manufacturing assembly for export could take off as China becomes less competitive, and as China itself demands more consumption items. Labor costs, however, are only part of the story. The CLMV will need to strengthen their infrastructure, education, governance, and trade regimes, and also run sound macro policies in order to capitalize fully on the opportunities presented by China’s transformation. With such policy efforts, the CLMV could see their trade and integration with global supply chains grow dramatically in the coming years.
Author: Hui Feng Publisher: Taylor & Francis ISBN: 9780415369213 Category : Business & Economics Languages : en Pages : 224
Book Description
Grounded on a series of first-hand interviews with Chinese government officials, this book examines China's accession to the World Trade Organization, providing an 'inside' look at Chinese WTO accession negotiations. Presenting a systematic political economy model in analyzing Beijing's decision-making mechanisms, the book argues that China's WTO policy making is a state-led, leadership driven, and top-down process. Feng explores how China's determined political elite partly bypassed and partly restructured a largely reluctant and resistant bureaucracy, under constant pressure from an increasingly globalized international system. By addressing China's accession to the WTO from a political analysis perspective, the book provides a theoretically informed and intriguing examination of China's foreign economic policy making regime. The book highlights contemporary debates relating to state and institutionalist theory and provides new and useful insights into a significant development of this century.
Author: Elena Ianchovichina Publisher: World Bank Publications ISBN: Category : Capital Languages : en Pages : 36
Book Description
Abstract: China's World Trade Organization (WTO) accession will have major implications for China and present both opportunities and challenges for East Asia. Ianchovichina and Walmsley assess the possible channels through which China's accession to the WTO could affect East Asia and quantify these effects using a dynamic computable general equilibrium model. China will be the biggest beneficiary of accession, followed by the industrial and newly industrializing economies (NIEs) in East Asia. But their benefits are small relative to the size of their economies and to the vigorous growth projected to occur in the region over the next 10 years. By contrast, developing countries in East Asia are expected to incur small declines in real GDP and welfare as a result of China's accession, mainly because with the elimination of quotas on Chinese textile and apparel exports to industrial countries China will become a formidable competitor in areas in which these countries have comparative advantage. With WTO accession China will increase its demand for petrochemicals, electronics, machinery, and equipment from Japan and the NIEs, and farm, timber, energy products, and other manufactures from the developing countries in East Asia. New foreign investment is likely to flow into these expanding sectors. The overall impact on foreign investment is likely to be positive in the NIEs, but negative for the less developed East Asian countries as a result of the contraction of these economies' textile and apparel sector. As China becomes a more efficient supplier of services or a more efficient producer of high-end manufactures, its comparative advantage will shift into higher-end products. This is good news for the poor developing economies in East Asia, but it implies that the impact of China's WTO accession on the NIEs may change to include heightened competition in global markets. This paper"a product of the Economic Policy Division, Poverty Reduction and Economic Management Network"is part of a larger effort in the network to assess the impact of China's WTO accession.
Author: Robert C. Feenstra
Author: Robert C. Feenstra
Author: Richard C. Bush
Author: Paul Blustein
Author: Eswar Prasad
Author: Barry Eichengreen
Author: Mr.Koshy Mathai
Author: World Trade Organization
Author: Hui Feng
Author: Zhi Wang
Author: Elena Ianchovichina