New PDF release: China’s Transition to a Global Economy

By Michael Webber, M. Wang, Z. Ying

ISBN-10: 1349507806

ISBN-13: 9781349507801

ISBN-10: 1403918600

ISBN-13: 9781403918604

How has China approached the worldwide financial system? Webber, Wang and Zhu try and solution this query via research of the recommendations of globalization, transition and regionalization. China's method has been experimental, stressing the liberalization of alternate and funding flows and the improvement of a industry economic climate. via those indexes globalization in China has been slow and asymmetric. Integrating Western social technological know-how and chinese language examine, this booklet assesses the character and influence of globalization in China and its implications.

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Extra resources for China’s Transition to a Global Economy

Sample text

The Chinese government still has a strong influence in directing where and in what sectors its large enterprises invest overseas. The enterprises are encouraged to invest in the state’s selected priority sectors and targeted regions. To fulfil such goals, the Ministry of Foreign Trade and Economic Corporation (MOFTEC) and the State Economics and Commerce Commission (SECC) are appointed as the key players. 1 shows a clear division of labour between these two ministries. Applications for overseas investment by provincial or prefecture-level state-owned enterprises are first submitted to provincial departments of Foreign Trade and Economic Cooperation and Economics and Commerce, then to the State Economics and Commerce Commission.

However, China has what most developing countries lack: a huge domestic market, which offers a buffer against fluctuating global markets and lessens dependence on overseas markets. This market – together with independence from structural adjustment policies – has made it possible for China to bargain for the technology it needs, to control the pace of its opening and to balance its trade. In many of these respects, China’s experience (so far) of the opening up has made it seem much more like an east Asian late industrialiser than an economy in transition to a liberal trading regime or a structurally adjusted developing economy.

A new category of actor was being created: people, enterprises and governments that depended for their income on this new, open economy; another new category of actor comprised those who sought to take part in this new process of wealth creation. By the late 1990s, the central government retained direct control only over international financial and banking activities and the larger investments, but still actively sought to encourage particular sectoral and geographic directions of trade and investment.

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China’s Transition to a Global Economy by Michael Webber, M. Wang, Z. Ying


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