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17 - Driving Economic Growth through Trade Policy Reforms and Investment Attraction in the Open World Economy: The Experience of China

from Part III - Selected Development Experiences and Perspectives

Published online by Cambridge University Press:  27 October 2016

Patrick Low
Affiliation:
The University of Hong Kong
Chiedu Osakwe
Affiliation:
World Trade Organization, Geneva
Maika Oshikawa
Affiliation:
World Trade Organization, Geneva
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Summary

Abstract

China achieved a great leap forward in its economic development in the last thirty years, supported by profound trade policy reforms, significant infrastructure investment and utilization of foreign capital, under the overarching state policy of reform and opening-up. Shares of manufactures and services in production have kept increasing, and remarkable export performance has been scored during this period. Additions of labour and capital, as well as competitive costs have largely shaped the economy’s comparative advantages up to now, and they are likely to be replaced by increasing domestic consumption, productivity growth and a greater reliance on services as the main factors sustaining future economic growth, albeit at a slower pace. Nonetheless, opening-up and domestic policy reforms, going hand-in-hand, will continue to play a critical role. The question that this paper addresses from China’s perspective may serve as a reference for the African economies seeking to establish a strong manufacturing base, and to realise economic take-off with the help of a clear opening-up strategy and a proper trade policy toolkit.

Type
Chapter
Information
African Perspectives on Trade and the WTO
Domestic Reforms, Structural Transformation and Global Economic Integration
, pp. 406 - 437
Publisher: Cambridge University Press
Print publication year: 2016

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References

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