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Trade and Financial Reform in China: Impacts on the World Economy

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  • Warwick J. McKibbin
  • K. K. Tang

Abstract

Despite the setbacks from the recent Asian currency crisis, the ascendancy of Asia as an economic centre of world economic activity is likely to continue into the 21st century. A key issue that will shape the role of Asia, and indeed the shape of the world economy in the 21st century, is the economic development of China. To date China has successfully weathered the currency storm in Asia and continues on a program of economic reform. If anything, the problems of Japan and Korea provide powerful lessons for other countries undergoing rapid economic growth and structural change. These lessons include the importance of a well developed financial sector with lending and investment decisions based on market signals rather than government directives. Whether China can further integrate smoothly into global markets and sustain the fast growth of the last few decades will be a crucial development in the world economy. In this paper, we explore the impacts of continued Chinese economic reform with a focus on the role of international financial flows both in the adjustment within China as well as in the transmission of Chinese reforms to the rest of the world.
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Suggested Citation

  • Warwick J. McKibbin & K. K. Tang, 2000. "Trade and Financial Reform in China: Impacts on the World Economy," The World Economy, Wiley Blackwell, vol. 23(8), pages 979-1003, August.
    • Handle: RePEc:bla:worlde:v:23:y:2000:i:8:p:979-1003
    DOI: 10.1111/1467-9701.00314
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    Cited by:

    1. Dawood MAMOON, 2017. "Can micro credit schemes be introduced by formal banking sector?," Journal of Economics Library, EconSciences Journals, vol. 4(3), pages 359-371, September.
    2. Dawood Mamoon, 2018. "Economic and Social Horizons in Pakistan Vol.2," EconSciences Library Books, EconSciences Library Books, edition 1, number 978-605-2132-46-3, May.
    3. Jiao Wang & David G. Mayes & Guanghua Wan, 2005. "Income Distribution and Labour Movement in China After WTO Membership: a CGE Analysis," WIDER Working Paper Series RP2005-38, World Institute for Development Economic Research (UNU-WIDER).
    4. Elena Ianchovichina & Terrie Walmsley, 2005. "Impact of China's WTO Accession on East Asia," Contemporary Economic Policy, Western Economic Association International, vol. 23(2), pages 261-277, April.
    5. Wang, Jiao & Mayes, David & Wan, Guanghua, 2005. "Effects of WTO membership on income distribution and labour movement in China : A CGE analysis," BOFIT Discussion Papers 18/2005, Bank of Finland, Institute for Economies in Transition.
    6. Dr James Laurenceson, 2003. "Economic Integration Between China And ASEAN," Discussion Papers Series 329, School of Economics, University of Queensland, Australia.
    7. Peter Drysdale & Xinpeng Xu, 2007. "Taiwan's Role in the Economic Architecture of East Asia and the Pacific," World Scientific Book Chapters, in: Julian Chang & Steven M Goldstein (ed.), Economic Reform And Cross-Strait Relations Taiwan and China in the WTO, chapter 5, pages 149-185, World Scientific Publishing Co. Pte. Ltd..
    8. Xiuping Hua & Anders C. Johansson & Xun Wang, 2017. "National and regional financial openness in China," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(2), pages 127-140, April.
    9. Jörg Mayer, 2002. "The Fallacy of Composition: A Review of the Literature," The World Economy, Wiley Blackwell, vol. 25(6), pages 875-894, June.
    10. Lin, Guijun & Schramm, Ronald M., 2003. "China's foreign exchange policies since 1979: A review of developments and an assessment," China Economic Review, Elsevier, vol. 14(3), pages 246-280.
    11. Paresh Kumar Narayan & Russell Smyth, 2006. "The dynamic relationship between real exchange rates, real interest rates and foreign exchange reserves: empirical evidence from China," Applied Financial Economics, Taylor & Francis Journals, vol. 16(9), pages 639-651.
    12. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 995-1068, Elsevier.
    13. James Laurenceson & Kam Ki Tang, "undated". "China's capital account convertibility and financial stability," EAERG Discussion Paper Series 0505, School of Economics, University of Queensland, Australia.
    14. Vennemo, Haakon & Aunan, Kristin & He, Jianwu & Hu, Tao & Li, Shantong & Rypdal, Kristin, 2008. "Erratum to "Environmental impacts of China's WTO-accession [Ecological Economics 64 (2008) 893-911]," Ecological Economics, Elsevier, vol. 66(4), pages 712-712, July.
    15. Somwaru, Agapi & Skully, David, 2003. "Will Special Agricultural Safeguards Advance or Retard LDC Growth and Welfare? A Dynamic General Equilibrium Analysis," Conference papers 331147, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    16. Warwick J. McKibbin & Wing Thye Woo, 2003. "The Consequences of China's WTO Accession for Its Neighbors," Asian Economic Papers, MIT Press, vol. 2(2), pages 1-38.
    17. Elena IANCHOVICHINA & Will MARTIN, 2006. "Trade Impacts of China's World Trade Organization Accession," Asian Economic Policy Review, Japan Center for Economic Research, vol. 1(1), pages 45-65, June.
    18. Tianbiao Zhu, 2006. "Rethinking Import-substituting Industrialization: Development Strategies and Institutions in Taiwan and China," WIDER Working Paper Series RP2006-76, World Institute for Development Economic Research (UNU-WIDER).
    19. Mardi Dungey & Denise R. Osborn, 2020. "The Gains from Catch‐up for China and the USA: An Empirical Framework," The Economic Record, The Economic Society of Australia, vol. 96(314), pages 350-365, September.

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