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China: Foreign Trade Reform: Now for the Hard Part

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  • Harrold, Peter

Abstract

This article examines the factors behind China's rapid growth of foreign trade during the reform era, and the main challenges in this area for the future. It finds that trade growth has been at a spectacular rate of over 15 per cent a year, and that the trade pattern has moved steadily in the direction of China's comparative advantage in labour-intensive products. Four distinct periods of trade reform are traced: export expansion, administrative decentralization, improved export incentives, and now a stage of genuine liberalization. The current trade regime is characterized as a 'protected export promotion' system, which simultaneously encourages exports and protects domestic industry, albeit very unevenly. The true challenge for trade reform is not to solve the U.S.-China bilateral deficit, but to address the real WTO-entry agenda issues of opening up the import regime. If it does, China will be one of the biggest beneficiaries of the Uruguay round liberalizations. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Harrold, Peter, 1995. "China: Foreign Trade Reform: Now for the Hard Part," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 11(4), pages 133-146, Winter.
    • Handle: RePEc:oup:oxford:v:11:y:1995:i:4:p:133-46
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    Cited by:

    1. Barry Naughton, 1996. "China's Emergence and Prospects as a Trading Nation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 273-344.
    2. Kuo, Chun-Chien & Yang, Chih-Hai, 2008. "Knowledge capital and spillover on regional economic growth: Evidence from China," China Economic Review, Elsevier, vol. 19(4), pages 594-604, December.
    3. 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.
    4. Byaro, Mwoya & Pelizzo, Riccardo & Kinyondo, Abel, 2023. "What are the Main Drivers Behind the Acceleration of Tanzania's Economic Growth Over the Past Three Decades?," African Journal of Economic Review, African Journal of Economic Review, vol. 11(4), June.
    5. Warwick J. McKibbin & K. K. Tang, 2000. "Trade and Financial Reform in China: Impacts on the World Economy," The World Economy, Wiley Blackwell, vol. 23(8), pages 979-1003, August.
    6. Shujie Yao, 2006. "On economic growth, FDI and exports in China," Applied Economics, Taylor & Francis Journals, vol. 38(3), pages 339-351.

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