Integrating China into the Global Economy
By (author) Nicholas R. Lardy
Integrating China into the Global Economy by Nicholas R. Lardy
Book DescriptionChina's accession to the World Trade Organization (WTO) has been hailed as the biggest coming-out party in the history of capitalism. Its membership eventually will contribute to higher standards of living for its citizens and increased growth for its economy. But why would the Chinese communist regime voluntarily agree to comply with the many complex rules of the global trading system since it has already become the world's seventh largest trading country while avoiding these constraints by remaining outside the system? The answer to this question forms the basis for this new book. Nicholas Lardy explores the many pressures on the Chinese government, both external and internal, to comply with the standards of the rule-based international trading system. Lardy points out that, prior to entry into the WTO, China enjoyed high growth rates and more foreign direct investment than any other emerging economy. He draws on a wealth of scholarship and experience to explain how China's leadership expects to leverage the increased foreign competition inherent in its WTO commitments to accelerate its domestic economic reform program, leading to the shrinkage and transformation of inefficient, money-losing companies and hastening the development of a commercial credit culture in its banks. Lardy answers a number of other questions about China's new WTO membership, including its effects on bilateral trade with the United States; the possibility that China will use its power to reshape the WTO in the future; the degree to which the terms of China's entry were more or less demanding than those for other new members; the ability of China's economy to successfully open to new imports; and the prospects for new growth in various sectors of China's economy made possible by WTO accession. This book will become an important tool for those who wish to understand China's new role in the global trading system, to take advantage of the new opportunities for investment in China, or simply to gain a better understanding of what former President Clinton called a "once in a generation event."
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Book DetailsISBN: 9780815751359
(229mm x 152mm x 17mm)
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 1-Dec-2001
Country of Publication: United States
Books By Author Nicholas R. Lardy
Agriculture in China's Modern Economic Development, Paperback (August 2008)
Explores the relationship between the Chinese peasantry and the state-led economic system established by the Party after 1949.
China, Paperback (May 2007)
China's growth has the potential to expand the size of the global economy, more than any other nation in history. On the other hand this growth has the potential to create competitive problems for the UK and other advanced countries. This work gives an analysis of China, and examines the challenges presented by the world's most important power.
Economic Growth and Distribution in China, Paperback (December 2006)
This study focuses on the China's leadership's attempt to improve economic efficiency by decentralizing economic management.
China's Unfinished Economic Revolution, Paperback (July 1998)» View all books by Nicholas R. Lardy
This work argues that the common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled household savings into money-losing companies. It suggests China should recapitalize and restructure its banking system.
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Author Biography - Nicholas R. Lardy
Nicholas R. Lardy is a senior fellow at the Institute for International Economics and a former senior fellow in the Foreign Policy Studies program at the Brookings Institution, Washington, D.C., USA. His previous books include China in the World Economy (Institute for International Economics, 1994) and Foreign Trade and Economic Reform in China, 1978-1990 (Cambridge, 1992).
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