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Trade and Financial Reform in China: Impacts on the World Economy

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  • Warwick J. McKibbin
  • K. K. Tang

Abstract

Despite the setbacks from the recent Asian currency crisis, the ascendancy of Asia as an economic centre of world economic activity is likely to continue into the 21st century. A key issue that will shape the role of Asia, and indeed the shape of the world economy in the 21st century, is the economic development of China. To date China has successfully weathered the currency storm in Asia and continues on a program of economic reform. If anything, the problems of Japan and Korea provide powerful lessons for other countries undergoing rapid economic growth and structural change. These lessons include the importance of a well developed financial sector with lending and investment decisions based on market signals rather than government directives. Whether China can further integrate smoothly into global markets and sustain the fast growth of the last few decades will be a crucial development in the world economy. In this paper, we explore the impacts of continued Chinese economic reform with a focus on the role of international financial flows both in the adjustment within China as well as in the transmission of Chinese reforms to the rest of the world.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 23 (2000)
Issue (Month): 8 (08)
Pages: 979-1003

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Handle: RePEc:bla:worlde:v:23:y:2000:i:8:p:979-1003

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  1. Harrold, Peter, 1995. "China: Foreign Trade Reform: Now for the Hard Part," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 11(4), pages 133-46, Winter.
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Cited by:
  1. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier, Elsevier.
  2. James Laurenceson & Kam Ki Tang, . "China's capital account convertibility and financial stability," EAERG Discussion Paper Series, School of Economics, University of Queensland, Australia 0505, School of Economics, University of Queensland, Australia.
  3. Jörg Mayer, 2002. "The Fallacy of Composition: A Review of the Literature," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 25(6), pages 875-894, 06.
  4. Peter Drysdale & Xinpeng Xu, 2004. "Taiwan'S Role In The Economic Architecture Of East Asia And The Pacific," Trade Working Papers 22865, East Asian Bureau of Economic Research.
  5. Vennemo, Haakon & Aunan, Kristin & He, Jianwu & Hu, Tao & Li, Shantong & Rypd3al, Kristin, 2008. "Environmental impacts of China's WTO-accession," Ecological Economics, Elsevier, Elsevier, vol. 64(4), pages 893-911, February.
  6. Dr James Laurenceson, 2003. "Economic Integration Between China And ASEAN," Discussion Papers Series 329, School of Economics, University of Queensland, Australia.
  7. Warwick J. McKibbin & Wing Thye Woo, 2003. "The Consequences of China's WTO Accession on its Neighbors," Departmental Working Papers, The Australian National University, Arndt-Corden Department of Economics 2003-17, The Australian National University, Arndt-Corden Department of Economics.
  8. Wang, Jiao & Mayes, David & Wan, Guanghua, 2005. "Income Distribution and Labour Movement in China after WTO Membership: A CGE Analysis," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) RP2005/38, World Institute for Development Economic Research (UNU-WIDER).
  9. Zhu, Tianbiao, 2006. "Rethinking Import-substituting Industrialization: Development Strategies and Institutions in Taiwan and China," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) RP2006/76, World Institute for Development Economic Research (UNU-WIDER).
  10. Elena IANCHOVICHINA & Will MARTIN, 2006. "Trade Impacts of China's World Trade Organization Accession," Asian Economic Policy Review, Japan Center for Economic Research, Japan Center for Economic Research, vol. 1(1), pages 45-65.
  11. Ianchovichina, Elena & Walmsley, Terrie, 2003. "The impact of China's WTO accession on East Asia," Policy Research Working Paper Series 3109, The World Bank.

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