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China's Opening up after 40 Years: Standing at a Historic Turning Point

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  • Jiandong Ju
  • Xinding Yu

Abstract

This paper comprehensively reviews China's openness since 1978 from three aspects: trade, foreign investment and global production sharing. We point out that the economic development of China is now standing at a historic turning point. Specifically, economic changes in China are discussed from four dimensions: (i) from China being a world assembly line to a world manufacturing powerhouse; (ii) from China being a world capital receiver to a world investor; (iii) from China being a world factory to a world market; and (iv) from the situation of “made in China†to “innovated in China.†At the same time, the global economic system has also reached a turning point. A “North America–Europe–Asia†tri†polar system has formed, in which the USA, Germany and China, respectively, serve as the regional core economies.

Suggested Citation

  • Jiandong Ju & Xinding Yu, 2018. "China's Opening up after 40 Years: Standing at a Historic Turning Point," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 26(2), pages 23-49, March.
    • Handle: RePEc:bla:chinae:v:26:y:2018:i:2:p:23-49
    DOI: 10.1111/cwe.12235
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    References listed on IDEAS

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    1. Xuefeng Qian & Zhao Liu & Ying Pan, 2017. "China's Trade Slowdown: Cyclical or Structural?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 25(6), pages 65-83, November.
    2. Ju, Jiandong & Yu, Xinding, 2015. "Productivity, profitability, production and export structures along the value chain in China," Journal of Comparative Economics, Elsevier, vol. 43(1), pages 33-54.
    3. Shang-Jin Wei & Zhuan Xie & Xiaobo Zhang, 2017. "From "Made in China" to "Innovated in China": Necessity, Prospect, and Challenges," Journal of Economic Perspectives, American Economic Association, vol. 31(1), pages 49-70, Winter.
    4. CAI, Fang & DU, Yang, 2011. "Wage increases, wage convergence, and the Lewis turning point in China," China Economic Review, Elsevier, vol. 22(4), pages 601-610.
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    Cited by:

    1. Liliang You, 2023. "Theories behind Change of Land Expropriation Institutions in Cross-Strait: An Analysis from Historical Institutionalism Approach," Land, MDPI, vol. 12(10), pages 1-34, October.

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