Is China turning Latin? Chinaâ€™s balancing act between power and dependence on the wave of global imbalances
AbstractThis paper investigates whether China has escaped the vulnerabilities ofperipheral and dependent late industrialisation in the build up to the currentglobal economic crisis, with reference to structuralist critiques of LatinAmerican industrialisation in the 1960s and examined through Chinaâ€™s balanceof payments data. While it would seem that Chinaâ€™s huge surpluses amidsustained growth eliminate any comparative relevance to Latin America, thepaper argues that analogous vulnerabilities exist. These were more evidentbefore Chinaâ€™s spectacular surplus surge in the 2000s, although even in themidst of the surge, volatility on the capital account and in the errors ofomissions was ominous. Changes on the trade account also reflect Chinaâ€™srelatively subordinate position within the massive rerouting of internationalproduction networks via China that followed the East Asian crisis, for themost part led by Northern transnational corporations. In sum, overlyoptimistic appraisals of Chinaâ€™s strength underestimate many of its persistingstructural vulnerabilities as a contemporary developing country and distractattention away from important lessons for other developing countries.
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Bibliographic InfoPaper provided by International Institute of Social Studies of Erasmus University (ISS), The Hague in its series ISS Working Papers - General Series with number 496.
Date of creation: 01 Feb 2010
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China; balance of payments; global imbalances; international production networks; late industrialisation; structuralism; transnational corporations;
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- Prema-chandra Athukorala & Nobuaki Yamashita, 2009. "Global Production Sharing and Sino-US Trade Relations," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(3), pages 39-56.
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