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Market Integration in the People’s Republic of China

Author

Listed:
  • Chen, Qingquing

    (Asian Development Bank)

  • Goh, Chor-Ching

    (Asian Development Bank)

  • Sun, Bo

    (Asian Development Bank)

  • Xu, Lixin Colin

    (Asian Development Bank)

Abstract

Over the last 3 decades, the product, labor, and capital markets of the People’s Republic of China have become gradually more integrated within its borders, though integration has been significantly slower for capital markets. There remains a significant urban–rural divide, and cities in the PRC tend to be undersized by international standards. The PRC has also integrated globally, initially through its special economic zones on the coast as launching grounds to connect with world markets, and subsequently through the PRC’s accession to the World Trade Organization. For future policy considerations, we argue that its economic production needs to be spatially concentrated, and its social services need to be spread out to the interior to ensure harmonious development and domestic integration, through inclusive rural–urban transformations and effective territorial development.

Suggested Citation

  • Chen, Qingquing & Goh, Chor-Ching & Sun, Bo & Xu, Lixin Colin, 2011. "Market Integration in the People’s Republic of China," Asian Development Review, Asian Development Bank, vol. 28(1), pages 72-93.
    • Handle: RePEc:ris:adbadr:0004
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    Citations

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    Cited by:

    1. Chao Li & John Gibson, 2013. "Spatial Price Differences and Inequality in China: Housing Market Evidence," Working Papers in Economics 13/06, University of Waikato.
    2. Huang, Shuo & Fidrmuc, Jan & Fidrmuc, Jarko, 2015. "Whither China? Reform and economic integration among Chinese regions," China Economic Review, Elsevier, vol. 33(C), pages 94-110.
    3. Chao Li & John Gibson, 2014. "Spatial Price Differences and Inequality in the People's Republic of China: Housing Market Evidence," Asian Development Review, MIT Press, vol. 31(1), pages 92-120, March.
    4. Kun Tracy Wang & Greg Shailer, 2018. "Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership," Abacus, Accounting Foundation, University of Sydney, vol. 54(1), pages 1-35, March.
    5. Fuzheng Luo & Nengsheng Luo, 2020. "Inter-Provincial Market Fragmentation and Regional Economic Development in China," Sustainability, MDPI, vol. 12(8), pages 1-18, April.
    6. Shailer, Greg & Wang, Kun, 2015. "Government ownership and the cost of debt for Chinese listed corporations," Emerging Markets Review, Elsevier, vol. 22(C), pages 1-17.
    7. Chen, Changsheng & Girardin, Eric & Mehrotra, Aaron, 2017. "Global slack and open economy Phillips curves – A province-level view from China," China Economic Review, Elsevier, vol. 42(C), pages 74-87.
    8. Yang Mestre Zhou & Roman Mestre, 2024. "A continuous wavelets approach of China opening reforms effects on relationships between mainland Chinese stock exchanges and Hong Kong," Economics Bulletin, AccessEcon, vol. 44(1), pages 430-465.

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