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India and China

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  • T.P. Bhat

Abstract

India and China share many similarities. In the initial years, both adopted inward-looking import substitution policies with little consideration to foreign trade. During that period, China’s foreign trade policy was more regimented than that of India’s. As a result, both suffered on account of inefficiency in production and technological backwardness. China’s ‘open door’ policy came into force in 1978, and India adopted liberalisation policies much later in 1991. China’s economy grew much faster with an emphasis on export growth and attracting foreign direct investment. India, too, followed this approach in a calibrated manner. Domestic economic reform in China was carried out with a view to join the World Trade Organization (WTO). Entry of China into WTO unfolded trade liberalisation on an unprecedented scale. China’s foreign market access enhanced its export growth to a phenomenal level. Now it has become the number one exporter, surpassing the US. India’s exports also grew, but not as fast as China’s. Trade instrument deployed by both the countries varies in nature and substance. China’s export competitive power is well established in the global market, while India is yet to get to that level.

Suggested Citation

  • T.P. Bhat, 2012. "India and China," India Quarterly: A Journal of International Affairs, , vol. 68(1), pages 69-87, March.
    • Handle: RePEc:sae:indqtr:v:68:y:2012:i:1:p:69-87
    DOI: 10.1177/097492841106800105
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    References listed on IDEAS

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    1. Martin, Will, 1993. "Modeling the post-reform Chinese economy," Journal of Policy Modeling, Elsevier, vol. 15(5-6), pages 545-579.
    2. Harry X Wu, 1994. "Reforms of ChinaÂ’s Foreign Exchange Regime: Behind Unification," Chinese Economies Research Centre (CERC) Working Papers 1994-15, University of Adelaide, Chinese Economies Research Centre.
    3. Martin, Will, 2001. "Trade policy reform in the East Asian transition economies," Policy Research Working Paper Series 2535, The World Bank.
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    Cited by:

    1. Saroj Kumar Mahonty, . "Economic Growth, Exports and Domestic Demand in India: In search of a New Pardigm of Development," Chapters, in: Zhang Yunling & Fukunari Kimura & Sothea Oum (ed.), Moving Toward A New Development Model For East Asia-The Role of Domestic Policy and Regional Cooperation, chapter 6, pages 191-222, Economic Research Institute for ASEAN and East Asia (ERIA).
    2. Wang, Bing & Ke, Ruo-Yu & Yuan, Xiao-Chen & Wei, Yi-Ming, 2014. "China׳s regional assessment of renewable energy vulnerability to climate change," Renewable and Sustainable Energy Reviews, Elsevier, vol. 40(C), pages 185-195.

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