China: foreign trade reform by World Bank

By World Bank

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Sample text

It is critical that the steps recommended above for unifying the exchange rate and making the currency convertible for all current account transactions be implemented as quickly as possible and certainly before trade liberalization proceeds too far, not least so that the impact of reduced protection on the domestic industrial sector can be moderated through an appropriate depreciation of the exchange rate. Action on reforming the exchange rate regime is all the more important now, given the most recent tendency of the gap between the official and the swap market exchange rate to widen again.

Impact of Trade Controls 69 International Price Comparisons 69 Effective Rates of Protection 73 Evidence from Sectoral Analyses 75 Conclusions 78 Endnotes 79 4 Priorities and Perspectives on Reforming China's Trade Regime 80 A. Trade Strategy and Trade Regime Orientation 80 B. Reform Priorities for the Immediate Term 82 Canalized Imports and Products Subject to Mandatory Import Planning 82 Import Licensing and Quotas 82 Import Controls 83 NTBs and Balance of Payments Management 84 Tariffs 84 Tariff Exemptions 85 Export Controls and Taxes 85 C.

The experience of other countries also indicates that trade reform will go much better if carried out during a period of relative macrostability. At the same time, by acting as a ''safety valve," a more liberal trade regime can itself contribute to the management of aggregate demand. This is a pertinent consideration for China. With its comfortable level of international reserves and a current account surplus, China is well placed at present to use trade liberalization as a means of addressing the threat of overheating and the emerging shortage of essential industrial raw materials.

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