China's Foreign Trade Reforms: Impact on Growth and by John C. Hsu

By John C. Hsu

Drawing on fabric formerly to be had purely in chinese language, this publication presents an overview of China's contemporary reform of the international alternate method and discusses some great benefits of such reform when it comes to larger development for its economic climate. the end result means that the advantages from overseas alternate reforms were diminished by way of the inability of responsiveness between China's companies to adjustments in household and overseas industry stipulations, and via the tendency for international alternate to worsen the inflation challenge.

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Extra info for China's Foreign Trade Reforms: Impact on Growth and Stability

Sample text

A major proportion of goods continued to be placed under a unified distribution system. This was true particularly for heavy industry, which had consistently been kept under the relatively strict control of the central government. Enterprises and individuals still did not have unrestricted power to determine levels of investment, the use of foreign exchange, wage rates and bonuses, and the prices of products. Nevertheless, on account of the readjustment program which shifted investment resources from heavy industry to agriculture and light industry, on the one hand, and the new incentive scheme which to a certain extent rewarded farmers and workers with material benefits for increased work effort, on the other, both agriculture and light industry expanded relatively quickly in comparison with heavy industry.

In this period, foreign trade was not determined by the investment decision at the central government level but by, among other things, the government's policy on imports and exports. Since imports continued to be concentrated on producer goods, the level of foreign trade to a certain extent determined the level of investment and therefore the level of national output. 6 The plan of the book The purpose of this book is to discuss two of the most important problems incurred in the rapid expansion of foreign trade in China.

S. S. dollar values, the difference in the time exports and imports are recorded in the customs of China and its trading partners, the difference in the values Appendix A: Official statistics 33 assigned to the barter trade taking place between China and its trading partners, and so forth. The discrepancies, however, are relatively small for most of the years. Fixed capital formation The Chinese term for fixed capital formation is "investment in fixed assets," which includes "investment in capital construction" and technical updating and transformation.

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