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Structural Changes in Chinese Industrial Sector: Lessons for Emerging Economies

Author

Listed:
  • Mete Han Yağmur

    (İstanbul Tekni̇k University)

  • Gencay Karakaya

    (İstanbul Commerce University)

Abstract

After changing its closed economy structure in favor of an outward oriented economic growth model in 1978, China has demonstrated an outstanding growth performance during the past 40 years. When China first opened up its economy to international markets, thanks to abundant and cheap labor force it had, the country attracted vast amounts of foreign direct investment and enjoyed high growth rates. As China strategically directed the ensuing income into new capital formation and research and development activities, it transformed its industrial sector into a high technology manufacturer. Increased competitive power of Chinese manufacturers in international markets in return enabled China to maintain high growth rates. Analyzing the structural changes in Chinese industrial sector would provide useful lessons for countries that experience early de-industrialization such as India, and countries that are in the middle income trap, such as Turkey.

Suggested Citation

  • Mete Han Yağmur & Gencay Karakaya, 2018. "Structural Changes in Chinese Industrial Sector: Lessons for Emerging Economies," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 33(110), pages 161-174, October.
    • Handle: RePEc:acc:malfin:v:33:y:2018:i:110:p:161-174
    DOI: https://doi.org/10.33203/mfy.451350
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    More about this item

    Keywords

    Chinese economy; Industrial policies; R&D investments; sustainable development;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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