ECON 455 Lecture 13 International Opening

ECON 455 Lecture 13 International Opening - Econ 455...

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1 1 Econ 455: Chinese Economics Lecture 13: March 5 International Opening Sandra Poncet Lorch Hall, room 207 Email: [email protected] Office Hours: Mondays 16:30-18 & Wednesdays 10:30-12 2 Introduction International “opening” and domestic economic reform were complementary processes that are often paired in a single term to describe the post–1978 period: “Reform and Opening” ( gaige kaifang ). Distance traveled: China has transformed into a global trade power. In 2005, China was the third largest trading nation in the world (after the United States and Germany), and its trade is growing far more rapidly than that of any other large economy. Illustration of dual track approach and gradualism: -creation of an extremely dynamic outward sector -maintaining low penetration of domestic market
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2 3 Introduction Characteristics: sustained incremental and cumulative reform been as obvious, and unambiguously positive outcomes for the Chinese economy Key elements: -Dualism processing/ordinary trade -Crucial role of foreign direct investment and of position in the International Division of Production Process -Challenges ahead: *deadline WTO engagement 2007 *sustainability of export-led growth: will it inevitably run out of steam? -dependence -terms of trade -technological upgrading? 4 Lecture Outline I- Selective opening up A-Background A-1-Historical context : double air lock A-2-Theoretical recall: gains from trade A-3-Reforms background : reasons behind reforms B-Trade reform process : 3 successive stages B-1-Initial Reform Steps: Special Economic Zones B-2-By the mid 1980S: Liberalizing the Foreign-Trade System B-3-From the mid–1990s: towards a genuinely open economy II- Outcomes A-Evolution: increase in trade A-1-Increase in trade A-2-Selective approach A-3-Illustration : dismantling of Multifiber Arrangement B-Regional composition of trade B-1-Composition within China B-2-International partners C-Structural composition C-1-Structural evolution of specialization C-2-Main trade products C-3-Quality of specialization : -terms of trade -upgrading Conclusion
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3 5 A-1-Historical context : double air lock 6
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