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Openness and Economic Performance: A Comparative Study of China and the Asian NIEs

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  • Shujie Yao
  • Zongyi Zhang

Abstract

Being the world's largest developing economy, China's successful economic performance since 1978 has had a powerful impact on the global economy. Its open policy features an evolutionary process, involving the gradual liberalization of foreign exchange, international trade and foreign direct investments. This paper evaluates how this evolutionary process has contributed to China's economic success in comparison with the development experiences of the Asian newly industrialized economies (NIEs). It concludes that despite the economic crisis in 1997-98, China and the NIEs represent a successful development model, which is built upon openness and huge investments in physical and human capital.

Suggested Citation

  • Shujie Yao & Zongyi Zhang, 2003. "Openness and Economic Performance: A Comparative Study of China and the Asian NIEs," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 1(1), pages 71-95.
  • Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:71-95
    DOI: 10.1080/1476528032000039758
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    References listed on IDEAS

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    Keywords

    Openness; China; Asian Nies;

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