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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Atlasītās lappuses


China Enters the World Trade Organization
Shallow Integration and Trade Dualism?
The WTO Decision
Summary of Commitments
Chinas PreWTO Trade Reforms
Trade Reform before Accession
Pattern of Trade
Institutional Reforms
Implications of Chinas Entry
The Vulnerable SectorsA Contrarian View
Efficiency Gains
Structural Adjustment
Risks to the Domestic Banking System
China the World Economy and US Policy
Implications for the International Trading System

Chinas Accession to the World Trade Organization
Market Access
RulesBased Issues
Implications for the United States

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Populāri fragmenti

226. lappuse - Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade...
82. lappuse - Market disruption exists within a domestic industry whenever imports of an article, like or directly competitive with an article produced by such domestic industry, are increasing rapidly, either absolutely or relatively, so as to be a significant cause of material injury, or threat thereof, to such domestic industry.
173. lappuse - It is recognized that, in the case of imports from a country which has a complete or substantially complete monopoly of its trade and where all domestic prices are fixed by the State...
20. lappuse - ... was the increased competition it would bring to China's domestic market. More competition was seen as an essential additional source of pressure on state owned banks and enterprises, forcing them to undertake badly needed structural reforms. By the time of his trip to the United States in April 1999, Zhu Rongji was openly articulating the view that China's membership in the WTO could be a lever for promoting domestic economic...
173. lappuse - ... a complete or substantially complete monopoly of its trade and where all domestic prices are fixed by the State, special difficulties may exist in determining price comparability for the purposes of paragraph 1, and in such cases importing contracting parties may find it necessary to take into account the possibility that a strict comparison with domestic prices in such a country may not always be appropriate.
99. lappuse - Agreement which in fact provide for an objective and impartial review of administrative action even though such procedures are not fully or formally independent of the agencies entrusted with administrative enforcement.
17. lappuse - ... radical reform program; now, they are more likely to be concerned with how to take advantage of the opportunities that are potentially available to them from radical reform. The equilibrium outcome of radical reform with S&P cooperation is manifested dramatically in the bankruptcy of the insolvent Guangdong International Trust and Investment Corporation (GITIC), the investment arm of the Guangdong government, which until its closure was thought to be untouchable by Chinese and overseas investors...
184. lappuse - Agreement on Market Access Between the People's Republic of China and the United States of America

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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