CPE+F09+Class+9+For+Econ+Reforms

CPE+F09+Class+9+For+Econ+Reforms - 4. Increase regulation...

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Class 9: Foreign Economic Reforms
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Prior to China’s WTO entry in 2001, did China implement substantial reforms to open its economy?
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China’s Major Foreign Economic Reforms (1978-2000) 1. Open areas to foreign economic relations Special Economic Zones: Shenzhen, Zhuhai, Shantou, Xiamen. Coastal cities Inland provinces From govt to select trading companies Expand # of trading companies Allow companies direct trading rights 3. Expand market access Reduce tariffs (average 36% to 15%) Reduce non-tariff barriers (e.g., quotas) 4. Attract foreign investment to priority industries 5. Provide legal protection, transparency
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GATT: General Agreement on Tariffs & Trade, established 1947 WTO: World Trade Organization, replaced GATT on January 1, 1995
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China’s Concessions 1. Reduce tariffs (Immediately to 15%, now at 9%) 2. Reduce, eliminate many non-tariff barriers 3. Revise 1000’s of regulations governing trade, investment
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Unformatted text preview: 4. Increase regulation and policy transparency 5. Specific trade, investment access in agriculture, industry, services (especially financial services). 6. Non-market economy status in trade disputes 7. Special safeguards against Chinese exports China’s Benefits • Permanent MFN • Multilateral dispute resolution • Move from rule-taker to rule-maker. WTO currently in “Doha Round.” Gaiatsu, l& foreign pressure Should China have entered WTO? Nationalists vs. Liberals • Should China protect “national industry”? • Does China benefit from granting greater foreign market access? • Does China lack the necessary capital for adequate investment? Identifying Nationalists and Liberals • State-owned enterprises • Farmers • Bankers • Communist Party leaders • Factory workers • Migrant laborers • Private entrepreneurs • Economists • Local government officials...
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This note was uploaded on 09/02/2011 for the course EALC-E 393 taught by Professor Scottkennedy during the Fall '09 term at Indiana.

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CPE+F09+Class+9+For+Econ+Reforms - 4. Increase regulation...

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