Title

International Trade, Openness, and Welfare in China

Publication Year

1999

Keywords

International trade, China, welfare, economics, poverty

Disciplines

Chinese Studies | Economics | International Business | International Economics

Abstract

Over the past two decades, the Chinese economy experienced unprecedented growth and development. From a centrally planned economy to one that pursues the ideals of a market economy for a socialist country, China has evolved from a self-reliance principle to the adoption of the "open door policy," an outward-oriented strategy that promotes international trade, foreign investment and integration into the global economic community. As the Director General of the World Trade Organization (WTO) put it in a speech he delivered at the Beijing University in April 1997: "There is a simple reality which lies at the heart of our current negotiations and the real challenges of adjustment we all face: the reality that China is already a leading power in an even more interdependent global economy....This is emphasised by the sheer force of China's rise in the world. During the last decade, output has been expanding by an average of 10 per cent a year, while merchandising export volume has been growing even faster, at about 15 per cent. In two decades the value of China's merchandise has expanded more that twenty-fold (Breslin 4)." Thus, it is obvious that international trade has been an increasingly significant component of China's international profile.

Department 1 Awarding Honors Status

Economics

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