Reading 4b

Reading 4b - NBER WORKING PAPER SERIES CHINA’S EMBRACE OF...

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Unformatted text preview: NBER WORKING PAPER SERIES CHINA’S EMBRACE OF GLOBALIZATION Lee Branstetter Nicholas Lardy Working Paper 12373 http://www.nber.org/papers/w12373 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2006 This paper is part of a larger research project, China’s Great Transformation: Origins, Mechanisms, and Consequences of the Post-Reform Economic Boom. We are grateful to the project editors, Loren Brandt and Thomas Rawski, and to participants at the University of Toronto and University of Pittsburgh conferences on China’s economic transition for comments and suggestions. We particularly thank Yasheng Huang and Barry Naughton for detailed comments on an earlier draft. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. ©2006 by Lee Branstetter and Nicholas Lardy. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. China’s Embrace of Globalization Lee Bransetter and Nicholas Lardy NBER Working Paper No. 12373 July 2006 JEL No. O53, O19, F43, F14 ABSTRACT As China has become an increasingly important part of the global trading system over the past two decades, interest in the country and its international economic policies has increased among international economists who are not China spets. This paper represents an attempt to provide the international economics community with a succinct summary of the major steps in the evolution of Chinese policy toward international trade and foreign direct investment and their consequences since the late 1970s. In doing so, we draw upon and update a number of more comprehensive book-length treatments of the subject. It is our hope that this paper will prove to be a useful resource for the growing numbers of international economists who are exploring China-related issues, either in the classroom or in their own research. Lee Branstetter Heinz School of Policy and Management Department of Social and Decision Sciences Carnegie Mellon University 2504B Hamburg Hall Pittsburgh, PA 15213 and NBER [email protected] Nicholas Lardy Institute for International Economics 1750 Massachusetts Avenue, NW Washington, DC 20036 [email protected] 3 I. Introduction This essay summarizes China’s progressive opening to foreign trade and investment in the years since 1978. These reforms led China’s foreign trade to soar from $21 billion in 1978, when China at best was a marginal player in global trade, to more than $1.1 trillion in 2004, when China became the world’s third largest trading economy (National Bureau of Statistics 2005, 161; World Trade Organization 2005, 16). We will briefly review the history of Chinese trade and investment policy from 1978-2001 and note the impact of important policy changes on expansion of trade and investment. Because accession to WTO marked an important watershed in the...
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This note was uploaded on 09/06/2010 for the course ECON ECON0602 taught by Professor Qiu during the Fall '09 term at HKU.

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Reading 4b - NBER WORKING PAPER SERIES CHINA’S EMBRACE OF...

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