Integrating China into the Global Economy

Integrating China into the Global Economy

by Nicholas R. Lardy

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Integrating China into the Global Economy by Nicholas R. Lardy

China's accession to the World Trade Organization (WTO) has been hailed as the biggest coming-out party in the history of capitalism. Its membership eventually will contribute to higher standards of living for its citizens and increased growth for its economy. But why would the Chinese communist regime voluntarily agree to comply with the many complex rules of the global trading system since it has already become the world's seventh largest trading country while avoiding these constraints by remaining outside the system?

The answer to this question forms the basis for this new book. Nicholas Lardy explores the many pressures on the Chinese government, both external and internal, to comply with the standards of the rule-based international trading system. Lardy points out that, prior to entry into the WTO, China enjoyed high growth rates and more foreign direct investment than any other emerging economy. He draws on a wealth of scholarship and experience to explain how China's leadership expects to leverage the increased foreign competition inherent in its WTO commitments to accelerate its domestic economic reform program, leading to the shrinkage and transformation of inefficient, money-losing companies and hastening the development of a commercial credit culture in its banks. Lardy answers a number of other questions about China's new WTO membership, including its effects on bilateral trade with the United States; the possibility that China will use its power to reshape the WTO in the future; the degree to which the terms of China's entry were more or less demanding than those for other new members; the ability of China's economy to successfully open to new imports; and the prospects for new growth in various sectors of China's economy made possible by WTO accession. This book will become an important tool for those who wish to understand China's new role in the global trading system, to take advantage of the new opportunities for investment in China, or simply to gain a better understanding of what former President Clinton called a "once in a generation event."

Product Details

ISBN-13: 9780815798699
Publisher: Brookings Institution Press
Publication date: 05/13/2004
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 244
File size: 867 KB

About the Author

Nicholas R. Lardy is a senior fellow at the Institute for International Economics and a former senior fellow in the Foreign Policy Studies program at the Brookings Institution. His previous books include China in the World Economy (Institute for International Economics, 1994) and Foreign Trade and Economic Reform in China, 1978-1990 (Cambridge, 1992).

Table of Contents

1China Enters the World Trade Organization1
Shallow Integration and Trade Dualism?4
The WTO Decision9
Summary of Commitments22
2China's Pre-WTO Trade Reforms29
Foreign Trade Planning before Reform29
Trade Reform before Accession32
Pattern of Trade55
Institutional Reforms57
3China's Accession to the World Trade Organization63
Market Access65
Rules-Based Issues80
4Implications of China's Entry106
Downside Risks106
The Vulnerable Sectors--A Contrarian View111
Efficiency Gains119
Structural Adjustment122
Risks to the Domestic Banking System128
5China, the World Economy, and U.S. Policy134
The World Economy134
Implications for the International Trading System136
Implications for the United States157
1-1.Exports and Imports of Foreign-Funded Enterprises, 1985-2000
1-2.Official and Independent Estimates of China's Growth since 1978
1-3.Price Reform in China, 1978-99
2-1.Average Statutory Import Tariff Rate, 1982-2001
2-2.China's Processing Trade, 1987-2000
2-3.Chinese Domestic Companies Authorized to Conduct Foreign Trade, 1978-2001
3-1.China's Commitment in Telecommunications Services
3-2.Tariff-Rate Quotas for Bulk Agricultural Commodities
4-1.Foreign Bank Presence in China, 1991-2000
5-1.China's Imports of U.S. Goods Covered under the 1992 U.S.-China Bilateral Market Access Agreement
5-2.Effect of China's WTO Entry on the U.S. Textile and Apparel Industries
1-1.The Growth of China Trade vs. World Trade, 1977-2000
1-2.Profitability of State-Owned Industry, 1978-99
2-1.Tariff Revenue as a Percentage of the Value of Imports, 1978-2000
2-2.Chinese Information Technology Trade: Computers and Computer Components, 1995-2000
5-1.U.S.-China Trade, 1979-2000
5-2.Sources of U.S. Footwear Imports, 1985-99
5-3.Sources of U.S. Imports of Toys, Games, and Sporting Goods, 1985-99
2-1.History of Tariff Cuts

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