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Trade, capital flows and external balance: is China unique in two hundred years of globalisation?

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  • Yiping Zhu
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    Abstract

    This study examines China's growth patterns through its exports, foreign capital inflows, balance of payments and terms of trade, and projects them into a comparative framework. It brings together, for the first time, various sources of historical data from the first globalisation era, relating to four of the most industrialised economies - the UK, the US, Germany and Japan. By comparison, it finds that China's trade expansion has no doubt exceeded that of any of the industrialised economies in the first globalisation era; however, this trade boom is a characteristic of post-war globalisation. Large capital inflows, surplus in both current and capital accounts, and the negative correlation between terms of trade and exports are not unique Chinese phenomena in the history of globalisation. However, China's trade liberalisation, industrialisation policy, FDI strategy and cautious foreign exchange policy have all contributed to the exploitation of the positive effects of globalisation.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Chinese Economic and Business Studies.

    Volume (Year): 8 (2010)
    Issue (Month): 1 ()
    Pages: 1-22

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    Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:1-22

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    Related research

    Keywords: globalisation; exports; foreign direct investment; dual surplus; terms of trade;

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    Cited by:
    1. Terheggen, Anne, 2010. "The new kid in the forest: the impact of China's resource demand on Gabon's tropical timber value chain," MPRA Paper 37982, University Library of Munich, Germany.
    2. Asongu, Simplice A & Aminkeng, Gilbert A. A, 2013. "The Economic Consequences of China-Africa Relations: Debunking Myths in the Debate," MPRA Paper 48468, University Library of Munich, Germany.
    3. Fischer, A.M., 2010. "Is China turning Latin? China’s balancing act between power and dependence on the wave of global imbalances," ISS Working Papers - General Series 496, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.

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