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China'S Integration Into the World Economy

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  • Yongzheng Yang
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    Abstract

    Although the rest of the world had waited a long time for China to open up, feelings were mixed when it actually did and began to integrate rapidly with the world economy. With the country’s recent accession to the World Trade Organization (WTO), many of its trading partners are increasingly concerned that China’s competition in the world goods and capital markets may adversely affect their own growth prospects. This paper examines the implications of China’s WTO accession for other developing countries in the context of the country’s long-term process of growth and opening up. The paper argues that China’s integration into the world economy will inevitably impose adjustment costs on its trading partners in the short-to-medium term, but the benefits it generates are likely to dominate in the long run.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/245.

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    Length: 30
    Date of creation: 01 Dec 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/245

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    Keywords: Developing countries; Development; World Trade Organization; fdi; industrial countries; trading partners; terms of trade; world trade; world economy; global trade; foreign ownership; export market; increasing competition; foreign direct investment; direct investment; trade regime; tariff rates; foreign investment; tariff reductions; world market; trade barriers; global trade analysis; foreign trade; trade liberalization; nontariff barriers; market access; increasing trade; industrial country; export volumes; import barriers; intermediate inputs; export opportunities; export subsidies; transport cost; commodity composition; export performance; trade deficit; factor accumulation; exporting countries; export growth; safeguard measures; international trade; quantitative restrictions; importing country; average tariff rates; bilateral trade; average tariff; quota tariff; industry trade; trade reforms; trade links; trading partner; market opening; world prices; manufacturing sector; partner countries; imported intermediates; foreign goods; agricultural commodities; foreign exchange; trade in services; nondiscrimination principle; economic integration; neighboring countries; trade intensity; round agreement; import quotas; competitive pressure; third-country markets; tariff rate; investment flows; terms of trade improvement; terms of trade effects; export prices; high tariffs; importing countries; growing trade; transition period; transition periods; export structure; import demand; import value; investment regime; discriminatory provisions; host developing countries; tariff levels; foreign competition; high trade barriers; intermediate goods; host countries; economic cooperation; world exports; manufactured exports; technology transfer; foreign investors; foreign banks; trade effects; investment policies; trade dispute; trade patterns; trade structure; domestic subsidies; developing country exports; merchandise trade; elimination of tariffs; increased openness; factor endowments; accession negotiations; competition effect; duty drawbacks; agreement on trade; barriers to entry;

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    Cited by:
    1. Matthieu Bussière & Bernd Schnatz, 2009. "Evaluating China’s Integration in World Trade with a Gravity Model Based Benchmark," Open Economies Review, Springer, Springer, vol. 20(1), pages 85-111, February.
    2. Françoise Nicolas, 2008. "The political economy of regional integration in East Asia," Economic Change and Restructuring, Springer, Springer, vol. 41(4), pages 345-367, December.
    3. Michael Funke & Jörg Rahn, 2005. "Just how Undervalued is the Chinese Renminbi," Quantitative Macroeconomics Working Papers, Hamburg University, Department of Economics 20504, Hamburg University, Department of Economics.
    4. Eduardo Lora, 2005. "Should Latin America Fear China?," Research Department Publications, Inter-American Development Bank, Research Department 4409, Inter-American Development Bank, Research Department.
    5. Beoy Kui Ng, 2005. "Globalization and the Rise of China: Their Impact on Ethnic Chinese Business in Singapore," Economic Growth centre Working Paper Series, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre 0506, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
    6. Eduardo Lora, 2005. "Debe América Latina temerle a la China?," Research Department Publications, Inter-American Development Bank, Research Department 4410, Inter-American Development Bank, Research Department.
    7. Yunhua Liu & Beoy Kui Ng, 2007. "Impact of A Rising Chinese Economy and ASEAN’s Responses," Economic Growth centre Working Paper Series, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre 0703, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
    8. Patricio Jaramillo & Sergio Lehmann & David Moreno., 2009. "China, Precios de Commodities y Desempeño de América Latina: Algunos Hechos Estilizados," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 46(133), pages 67-105.
    9. Jenkins, Rhys & Edwards, Chris, 2006. "The economic impacts of China and India on sub-Saharan Africa: Trends and prospects," Journal of Asian Economics, Elsevier, Elsevier, vol. 17(2), pages 207-225, April.
    10. AkIn, Cigdem & Kose, M. Ayhan, 2008. "Changing nature of North-South linkages: Stylized facts and explanations," Journal of Asian Economics, Elsevier, Elsevier, vol. 19(1), pages 1-28, February.

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