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Why Has China's Trade Grown So Fast? A Demand-Side Perspective

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  • Xiaoyun Liu
  • Xian Xin

Abstract

China's share of global trade has experienced rapid growth in the past three decades. Taking a demand-side perspective, this paper investigates the causes of this rapid growth by decomposing China's trade growth into preference changes, income growth, and other factors. The results indicate that preference changes explain 35.8 percent of export growth and 41.9 percent of import growth over the period. Income growth (excluding convergence) explains a further 28.4 percent and 27.1 percent, respectively, of export and import growth, respectively. In addition, income convergence further contributed about 24 percent and 11.3 percent, respectively, of export and import growth, respectively. These results are generated using a multiregional numerical general equilibrium model of the global economy involving major trading blocs and are calibrated to both 1975 and 2004 data.

Suggested Citation

  • Xiaoyun Liu & Xian Xin, 2011. "Why Has China's Trade Grown So Fast? A Demand-Side Perspective," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(1), pages 90-100, January.
    • Handle: RePEc:mes:emfitr:v:47:y:2011:i:1:p:90-100
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    Cited by:

    1. Chia-Hsun Hsieh & Shian-Chang Huang, 2012. "Time-Varying Dependency and Structural Changes in Currency Markets," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(2), pages 94-127, March.

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