Integrating China into the Global Economy

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Brookings Institution Press, 2004. gada 13. maijs - 244 lappuses

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."

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Saturs

China Enters the World Trade Organization
1
Shallow Integration and Trade Dualism?
4
The WTO Decision
9
Summary of Commitments
22
Chinas PreWTO Trade Reforms
29
Trade Reform before Accession
32
Pattern of Trade
55
Institutional Reforms
57
Implications of Chinas Entry
106
The Vulnerable SectorsA Contrarian View
111
Efficiency Gains
119
Structural Adjustment
122
Risks to the Domestic Banking System
128
Summary
132
China the World Economy and US Policy
134
Implications for the International Trading System
136

Summary
61
Chinas Accession to the World Trade Organization
63
Market Access
65
RulesBased Issues
80
Summary
104
Implications for the United States
157
Conclusion
174
Notes
177
Index
231
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Par autoru (2004)

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).

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