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Trade and Trade Performance

In: China and the Global Economy Since 1840

Author

Listed:
  • Lu Aiguo

    (Chinese Academy of Social Sciences)

Abstract

From 1949 to the early 1970s, China’s participation in the world market was conditioned by certain fundamental constraints. Not long after the establishment of the People’s Republic, the US-led capitalist West broke ‘normal’ trade relations with China. These were not taken up again until around two decades later. Partly in response, China adopted the strategy of delinking and self-reliance. In retrospect, the Chinese government may appear to have overreacted. Yet, the West certainly did not welcome the victory of the Communists in mainland China, and its apprehension quickly escalated into an openly confrontational stance. The US sent the Seventh Fleet to ‘neutralize’ the Taiwan Straits, and China’s territorial unification was left incomplete.1 China’s entry into the Korean War checked the US ‘march to the Yalu’. Political and military conflict led to economic blockade, and China, called a ‘hostile nation’ by the US government, was banned from the markets of the major Western countries. China’s trade with nations allied with the West, though still possible, became extremely restricted.

Suggested Citation

  • Lu Aiguo, 2000. "Trade and Trade Performance," Palgrave Macmillan Books, in: China and the Global Economy Since 1840, chapter 7, pages 96-107, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-62440-9_8
    DOI: 10.1007/978-1-349-62440-9_8
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