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Accounting for Chinese Trade: Some National and Regional Considerations

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  • K.C. Fung

Abstract

China's trade has three features: high incidence of re-exports through Hong Kong, high degree of trade related to foreign investment, and large amount of `illegal' trade. Re-exports occur when imports to Hong Kong are consigned to a buyer in Hong Kong, who adds a markup, and exports the goods elsewhere without fundamentally changing the goods. Using U.S. data and accounting for re-exports, the U.S.-China trade balance has to be lowered by 35 percent. Foreign investments in China accounted for 45 percent of China's exports. Foreign investments include foreign direct investment (FDI) and foreign subcontracting. `Illegal' trade between China and Taiwan has been induced by Taiwan's `no direct trade' policy. Illegal trade such as smuggling and tariff evasion also affect China's trade with her other trading partners.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5595.

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Date of creation: May 1996
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Publication status: published as K.C. Fung. "Accounting for Chinese Trade: Some National and Regional Considerations". Geography and Ownership as Bases for Economic Accounting. Edited by Robert E. Baldwin, Robert E. Lipsey, and J.David Richardson, Chicago, Ill: The Univ. of Chicago Press, 1998, pp. 173-200.
Handle: RePEc:nbr:nberwo:5595

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  1. Robert E. Baldwin & Douglas Nelson, 1993. "The Political Economy of U.S.-Taiwanese Trade and Other International Economic Relations," NBER Chapters, in: Trade and Protectionism, NBER-EASE Volume 2, pages 307-337 National Bureau of Economic Research, Inc.
  2. Yue-Chim Richard Wong, 1995. "China'S Economic Reform: The Next Step," Contemporary Economic Policy, Western Economic Association International, vol. 13(1), pages 18-27, 01.
  3. Magnus Blomstrom & Irving B. Kravis & Robert E. Lipsey, 1988. "Multinational Firms and Manufactured Exports from Developing Countries," NBER Working Papers 2493, National Bureau of Economic Research, Inc.
  4. Marcus Noland, 1995. "China and the International Economic System," Working Paper Series, Peterson Institute for International Economics WP95-6, Peterson Institute for International Economics.
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Cited by:
  1. Elissa Braunstein & Gerald Epstein, 2002. "Bargaining Power and Foreign Direct Investment in China: Can 1.3 Billion Consumers Tame the Multinationals?," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2002-13, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  2. Robert C. Feenstra & Robert E. Lipsey & Harry P. Bowen, 1997. "World Trade Flows, 1970-1992, with Production and Tariff Data," NBER Working Papers 5910, National Bureau of Economic Research, Inc.
  3. Wang, Zhi & Gehlhar, Mark & Yao, Shunli, 2010. "A globally consistent framework for reliability-based trade statistics reconciliation in the presence of an entrepôt," China Economic Review, Elsevier, Elsevier, vol. 21(1), pages 161-189, March.
  4. Noland, Marcus, 1996. "Trade, investment, and economic conflict between the United States and Asia," Journal of Asian Economics, Elsevier, Elsevier, vol. 7(3), pages 435-458.
  5. Jeroen Hinloopen & Charles van Marrewijk, 2004. "Dynamics of Chinese Comparative Advantage," Tinbergen Institute Discussion Papers 04-034/2, Tinbergen Institute.
  6. Fung, K. C., 2005. "Trade and Investment among China, the United States, and the Asia-Pacific Economies: An Invited Testimony to the U.S. Congressional Commission," Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz qt0nt943kp, Center for International Economics, UC Santa Cruz.
  7. John Fernald & Hali Edison & Prakash Loungani, 1998. "Was China the first domino? assessing links between China and the rest of emerging Asia," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 604, Board of Governors of the Federal Reserve System (U.S.).
  8. Zhi Wang & Mark Gehlhar & Shunli Yao, 2007. "A Globally Consistent Framework for Reliability-based Trade Statistics Reconciliation in the Presence of an Entrepôt," Trade Working Papers 22715, East Asian Bureau of Economic Research.
  9. Robert C. Feenstra & Wen Hai & Wing T. Woo & Shunli Yao, . "The U.S.-China Bilateral Trade Balance: It'S Size And Determinants," Department of Economics, California Davis - Department of Economics 98-09, California Davis - Department of Economics.
  10. Robert C. Feenstra, 1999. "Discrepancies in International Data: An Application to China-Hong Kong Entrepot Trade," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 338-343, May.
  11. Fernald, John & Edison, Hali & Loungani, Prakash, 1999. "Was China the first domino? Assessing links between China and other Asian economies," Journal of International Money and Finance, Elsevier, Elsevier, vol. 18(4), pages 515-535, August.
  12. Zhang, Kevin Honglin & Song, Shunfeng, 2001. "Promoting exports: the role of inward FDI in China," China Economic Review, Elsevier, Elsevier, vol. 11(4), pages 385-396.
  13. Xiaohui Liu & Chang Shu, 2003. "Determinants of Export Performance: Evidence from Chinese Industries," Economic Change and Restructuring, Springer, Springer, vol. 36(1), pages 45-67, March.

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