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China's WTO accession, state enterprise reform, and spatial economic restructuring

Author

Listed:
  • Simon Xiaobin Zhao

    (Department of Geography, The University of Hong Kong, Hong Kong)

  • Christopher S. P. Tong

    (Department of Economics, Westminster College of Salt Lake City, USA)

  • Jiming Qiao

    (Institute of Urban and Regional Planning, China Academy of Urban Planning and Design, China)

Abstract

China's accession to the World Trade Organization (WTO) promises to have profound effects on the development of the nation's economy and on nationwide enterprise reorganization. This paper attempts to address the relationship between China's WTO accession and state enterprise reforms, and their impacts on the performance of China's spatial economy, including the possible rise and fall of several large national financial centres, such as Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen. It is argued that China's new international ties will enhance current enterprise reforms and promote changes in the existing pattern of enterprise organization, with enterprise mergers, acquisitions, takeover activity and the formation of large multinational corporations (MNCs) becoming dominant trends within China's industrial development. Alongside these changes, some economic sectors, such as information technology (IT) and advanced professional services are predicted to become concentrated in several national information 'heartlands,' each having its own well-developed information infrastructure and other comparative advantages over traditional industrial centers. Meanwhile traditional industrial enterprises, while continuing to rely upon their pre-assigned resource priorities, will certainly face fierce international competition in the turbulent global market. The spatial shift of production and trade undoubtedly requires that Chinese enterprises, especially those that are state-owned, reorganize their production-trade systems according to the global 'rules of the game'. All of these changes, due to take effect imminently with China's WTO accession, will fundamentally restructure China's spatial economic landscape, including the creation of a new information heartland and hinterland that will in turn determine the life or death of the country's national financial centres. Copyright © 2002 John Wiley & Sons, Ltd.

Suggested Citation

  • Simon Xiaobin Zhao & Christopher S. P. Tong & Jiming Qiao, 2002. "China's WTO accession, state enterprise reform, and spatial economic restructuring," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(4), pages 413-433.
    • Handle: RePEc:wly:jintdv:v:14:y:2002:i:4:p:413-433
    DOI: 10.1002/jid.859
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    References listed on IDEAS

    as
    1. Kym Anderson, 1997. "On the Complexities of China's WTO Accession," The World Economy, Wiley Blackwell, vol. 20(6), pages 749-772, September.
    2. Huang, Jikun & Rozelle, Scott & Zhang, Linxiu, 2001. "WTO and agriculture: radical reforms or the continuation of gradual transition," China Economic Review, Elsevier, vol. 11(4), pages 397-401.
    3. Wang, Zhi, 1997. "China and Taiwan access to the World Trade Organization: implications for U.S. agriculture and trade," Agricultural Economics, Blackwell, vol. 17(2-3), pages 239-264, December.
    4. George Soros, 1999. "The International Financial Crisis," Challenge, Taylor & Francis Journals, vol. 42(2), pages 58-76, March.
    5. Wang, Zhi, 1997. "The Impact of China and Taiwan Joining the World Trade Organization on U.S. and World Agricultural Trade: A Computable General Equilibrium Analysis," Technical Bulletins 184382, United States Department of Agriculture, Economic Research Service.
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    Cited by:

    1. Zhao, Simon X.B. & Cai, Jianming & Zhang, Li, 2005. "Asymmetric information as a key determinant for locational choice of MNC headquarters and the development of financial centers: A case for China," China Economic Review, Elsevier, vol. 16(3), pages 308-331.
    2. Wenwen Zhan & John Turner, 2012. "Crossing the River by Touching Stones?: The Reform of Corporate Ownership in China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 19(3), pages 233-258, September.

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