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Author: Guy Shaojia Liu
Publisher: World Scientific
ISBN: 9789810245849
Category : Political Science
Languages : en
Pages : 82
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Book Description
The greatest success of Chinese enterprise reform has been the creation of market competition. Competition has forced the state to retreat from non-strategic sectors and increased private ownership in the industry. This development has created ownership diversification in the Chinese industry, which is in line with the leadership's 2-R (?Retreat and Retain?) enterprise reform policy. The ownership diversification is a distinction of the reformed economy, called ?a socialist economy with Chinese characteristics?. The backbone of the economy is the large state firms in strategic sectors, largely shielded from international competition, in which most of them have been coping well with the domestically competitive environment. After China's entry to the WTO, can these firms still maintain their market dominance once all forms of protection are dismantled? Are Chinese firms ready for direct competition with their foreign rivals in the manufacturing sector? Will FAW, China's No. 1 state-owned automotive corporation, be defeated on its home ground by its foreign rivals in a freely accessed market? The core of these questions is about the sustainability of diversified ownership in the economy after it is integrated with the world trading system. Who will dominate the Chinese industry after the WTO entry: foreign or private ownership? The question is addressed by applying the market structure and entry theory of industrial economics, since WTO accession will basically result in change in both the market type and the market structure of the industry. Based on this, the study developed the market share testing theory to assess the competitiveness of dominant incumbents according to the type of market. The overall finding is that most large state incumbents will survive but their survival strategy will be changed from single ownership control to mixed ownership control. Thus, it is expected that more joint ventures between foreign and large state-owned firms will emerge in the post-WTO-entry economy. But whether such firms will evolve into foreign-controlled state-owned firms is an interesting question which remains to be answered.
Author: Guy Shaojia Liu
Publisher: World Scientific
ISBN: 9789810245849
Category : Political Science
Languages : en
Pages : 82
Get Book Here
Book Description
The greatest success of Chinese enterprise reform has been the creation of market competition. Competition has forced the state to retreat from non-strategic sectors and increased private ownership in the industry. This development has created ownership diversification in the Chinese industry, which is in line with the leadership's 2-R (?Retreat and Retain?) enterprise reform policy. The ownership diversification is a distinction of the reformed economy, called ?a socialist economy with Chinese characteristics?. The backbone of the economy is the large state firms in strategic sectors, largely shielded from international competition, in which most of them have been coping well with the domestically competitive environment. After China's entry to the WTO, can these firms still maintain their market dominance once all forms of protection are dismantled? Are Chinese firms ready for direct competition with their foreign rivals in the manufacturing sector? Will FAW, China's No. 1 state-owned automotive corporation, be defeated on its home ground by its foreign rivals in a freely accessed market? The core of these questions is about the sustainability of diversified ownership in the economy after it is integrated with the world trading system. Who will dominate the Chinese industry after the WTO entry: foreign or private ownership? The question is addressed by applying the market structure and entry theory of industrial economics, since WTO accession will basically result in change in both the market type and the market structure of the industry. Based on this, the study developed the market share testing theory to assess the competitiveness of dominant incumbents according to the type of market. The overall finding is that most large state incumbents will survive but their survival strategy will be changed from single ownership control to mixed ownership control. Thus, it is expected that more joint ventures between foreign and large state-owned firms will emerge in the post-WTO-entry economy. But whether such firms will evolve into foreign-controlled state-owned firms is an interesting question which remains to be answered.
Author: Robert C. Feenstra
Publisher: University of Chicago Press
ISBN: 0226239721
Category : Business & Economics
Languages : en
Pages : 603
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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: Petros C. Mavroidis
Publisher: Princeton University Press
ISBN: 0691206597
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
"China's accession to the World Trade Organisation (WTO) in 2001 was hailed as the natural conclusion of a long march that started with the reforms introduced by Deng Xiaoping in the 1970s. However, China's participation in the WTO since joining has been anything but smooth, and its self-proclaimed "socialist market economy" system has alienated many of its global trading partners - as recent tensions with the United States exemplify. Prevailing diplomatic attitudes tend to focus on two diametrically opposing approaches to dealing with the emerging problems: the first is to demand that China completely overhaul its economic regime; the second is to stay idle and accept that the WTO must accommodate different economic regimes, no matter how idiosyncratic and incompatible. In this book, Mavroidis and Sapir propose a third approach. They point out that, while the WTO (as well as its predecessor, the General Agreement on Tariffs and Trade [GATT]) has previously managed the accession of socialist countries or of big trading nations, it has never before dealt with a country as large or as powerful as China. Therefore, in order to simultaneously uphold its core principles and accommodate China's unique geopolitical position, the authors argue that the WTO needs to translate some of its implicit legal understanding into explicit treaty language. Focusing on two core complaints - that Chinese state-owned enterprises (SOEs) benefit from unfair trade advantages, and that domestic companies (both private as well as SOEs) impose forced technology transfer on foreign companies as a condition for accessing the Chinese market - they lay out their specific proposals for successful legislative amendment"--.
Author: Richard C. Bush
Publisher: Brookings Institution Press
ISBN: 0815728131
Category : Political Science
Languages : en
Pages : 255
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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: Mr.Koshy Mathai
Publisher: International Monetary Fund
ISBN: 1475531710
Category : Business & Economics
Languages : en
Pages : 84
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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: Stewart Paterson
Publisher: London Publishing Partnership
ISBN: 1907994823
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It is the most extraordinary economic success story of our time and it has reshaped the geopolitics not just of Asia but of the world. As China has come to dominate global manufacturing, its economic power has been translated into political power, and the West now has a global rival that is politically antithetical to liberal values. The supply-side deflation from allowing 750 million low-cost workers into the global trading system combined with the policy of inflation targeting by Western central banks has led to falling real incomes for many in the West and rising asset prices that have benefited the few. Worse still, China’s mercantilist model is now held up as a viable economic alternative. To have a fighting chance of protecting the freedoms of liberal democracies, it is of the utmost importance that we understand how the policy of indulgent engagement with China has affected Western society in recent years. Only then can the global trading system be reoriented for the mutual benefit of all nations.
Author: Ross Garnaut
Publisher: ANU E Press
ISBN: 1922144533
Category : Political Science
Languages : en
Pages : 202
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Book Description
Twelve essays which discuss China with regards to its economy and its entry into the World Trade Organization.
Author: Barry Eichengreen
Publisher: Brookings Institution Press
ISBN: 0815726120
Category : Political Science
Languages : en
Pages : 401
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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: Chunlai Chen
Publisher: Edward Elgar Publishing
ISBN: 1848449097
Category : Political Science
Languages : en
Pages : 239
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Book Description
This comprehensive collection provides a remarkable wealth of information and a timely assessment of China's economic development and integration with the global economy after WTO accession. Chunlai Chen brings together a distinguished group of scholars who employ economic theories, econometric modelling techniques and the latest statistics to analyze many important issues. These hotly debated topics include China's economic growth, international trade, regional trade arrangements, foreign direct investment, banking sector liberalization, exchange rate reform, agricultural trade and energy demand. Aimed at an international audience, this highly focused book will be of great benefit to academics and postgraduate students involved in Chinese economy and business studies, as well as researchers in international trade and foreign investment.--Publisher.
Author: Loren Brandt
Publisher: Cambridge University Press
ISBN: 1139470949
Category : Business & Economics
Languages : en
Pages : 887
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Book Description
This landmark study provides an integrated analysis of China's unexpected economic boom of the past three decades. The authors combine deep China expertise with broad disciplinary knowledge to explain China's remarkable combination of high-speed growth and deeply flawed institutions. Their work exposes the mechanisms underpinning the origin and expansion of China's great boom. Penetrating studies track the rise of Chinese capabilities in manufacturing and in research and development. The editors probe both achievements and weaknesses across many sectors, including China's fiscal, legal, and financial institutions. The book shows how an intricate minuet combining China's political system with sectorial development, globalization, resource transfers across geographic and economic space, and partial system reform delivered an astonishing and unprecedented growth spurt.
