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From foreign trade to international investment: a new step in China’s integration with the world economy

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  • Françoise Lemoine

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Abstract

China’s economic strategy is facing new challenges arising from the changes in the world economy as well as in its domestic conditions. Given the sluggish global economy and the rise of protectionist policies, China cannot expect external demand to contribute to its economic growth as much as in the past. On the domestic side, the working age population has ceased to increase and will soon diminish; rising domestic costs will force Chinese exporters to shift from price competitiveness to quality upgrading and to build new comparative advantages. An important dimension of China’s new strategy will be the expansion of its direct investment abroad. China which has already become the leading world exporter and has been up to now a major recipient of foreign direct investment is likely to turn out to be a major international investor. China has accumulated large foreign assets which mainly consist of foreign government debt securities and is now aiming at diversifying its external assets through promoting Chinese firms’ investment abroad. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Françoise Lemoine, 2013. "From foreign trade to international investment: a new step in China’s integration with the world economy," Economic Change and Restructuring, Springer, vol. 46(1), pages 25-43, March.
  • Handle: RePEc:kap:ecopln:v:46:y:2013:i:1:p:25-43
    DOI: 10.1007/s10644-012-9134-3
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    References listed on IDEAS

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    1. Ryuhei Wakasugi & Banri Ito & Eiichi Tomiura, 2008. "Offshoring and Trade in East Asia: A Statistical Analysis," Asian Economic Papers, MIT Press, vol. 7(3), pages 101-124, Fall.
    2. Joachim Jarreau & Sandra Poncet, 2009. "Export Sophistication and Economic Performance: Evidence from Chinese Provinces," Working Papers 2009-34, CEPII research center.
    3. Nicholas R. Lardy, 2012. "Sustaining China's Economic Growth after the Global Financial Crisis," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6260.
    4. Fang Cai, 2012. "The Coming Demographic Impact on China's Growth: The Age Factor in the Middle-Income Trap," Asian Economic Papers, MIT Press, vol. 11(1), pages 95-111, Winter/Sp.
    5. Françoise Lemoine, 2010. "Past Successes and New Challenges: China's Foreign Trade at a Turning Point," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 18(3), pages 1-23.
    6. Isabelle Bensidoun & Françoise Lemoine & Deniz Ünal, 2009. "The integration of China and India into the world economy: a comparison," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 6(1), pages 131-155, June.
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    1. repec:spr:manint:v:54:y:2014:i:2:d:10.1007_s11575-013-0195-y is not listed on IDEAS

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    Keywords

    China; International trade; FDI; Technology transfer;

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