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China’s Foreign Trade and Investment, 1800-1950

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  • Wolfgang Keller
  • Carol H. Shiue

Abstract

The First Opium War (1840-42) was a watershed in the history of China. In its aftermath Britain and other countries forced open new ports to foreign trade through international treaties. Chinese institutions of trade were abolished and re-organized under Western management, Western legal institutions were introduced in China in form of courts and legal practices, and foreigners in China were tried according to the laws of their country of origin (extraterritoriality). To better understand the implications of these changes during the Treaty Port Era (1842-1943), we begin by discussing the attitudes towards foreign trade before 1840 for both China and the West. Drawing on information from the foreign-led Chinese Maritime Customs organization, we provide a synopsis of China’s foreign trade and investment both in terms of patterns and volumes. The paper highlights the link between foreign and domestic trade as well as the important role of new, previously not traded goods for welfare. Employing several outcome measures, we show that Western influence generated significant benefits to China’s economy, and the results suggest that the geographic scope of these benefits reached into areas far beyond the treaty ports.

Suggested Citation

  • Wolfgang Keller & Carol H. Shiue, 2020. "China’s Foreign Trade and Investment, 1800-1950," NBER Working Papers 27558, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:27558
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    References listed on IDEAS

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    1. Ronald Findlay & Kevin H. O'Rourke, 2007. "Power and Plenty: Trade, War and the World Economy in the Second Millennium (Preface)," Trinity Economics Papers tep0107, Trinity College Dublin, Department of Economics.
    2. Carol H. Shiue, 2017. "Human capital and fertility in Chinese clans before modern growth," Journal of Economic Growth, Springer, vol. 22(4), pages 351-396, December.
    3. Rawski, Thomas G., 1969. "Chinese dominance of treaty port commerce and its implications, 1860-1875," Explorations in Economic History, Elsevier, vol. 7(1-2), pages 451-473.
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    7. Carol H. Shiue, 2002. "Transport Costs and the Geography of Arbitrage in Eighteenth-Century China," American Economic Review, American Economic Association, vol. 92(5), pages 1406-1419, December.
    8. Rosenthal, Jean-Laurent & Wong, R. Bin, 2011. "Before and Beyond Divergence: The Politics of Economic Change in China and Europe," Economics Books, Harvard University Press, number 9780674057913, December.
    9. Joel Mokyr, 2016. "A Culture of Growth: The Origins of the Modern Economy," Economics Books, Princeton University Press, edition 1, number 10835.
    10. Ronald Findlay & Kevin H. O'Rourke, 2007. "Introduction to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters, in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium, Princeton University Press.
    11. Ronald Findlay & Kevin H. O'Rourke, 2007. "Preface to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters, in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium, Princeton University Press.
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    More about this item

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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