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From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It is the most extraordinary economic success story of our time and it has reshaped the geopolitics not just of Asia but of the world. As China has come to dominate global manufacturing, its economic power has been translated into political power, and the West now has a global rival that is politically antithetical to liberal values. The supply-side deflation from allowing 750 million low-cost workers into the global trading system combined with the policy of inflation targeting by Western central banks has led to falling real incomes for many in the West and rising asset prices that have benefited the few. Worse still, China’s mercantilist model is now held up as a viable economic alternative. To have a fighting chance of protecting the freedoms of liberal democracies, it is of the utmost importance that we understand how the policy of indulgent engagement with China has affected Western society in recent years. Only then can the global trading system be reoriented for the mutual benefit of all nations.
Covering the period from the establishment of Sui to the fall of Southern Sung, this volume for the first time gives a full, carefully arrranged overview of China's diplomatic and trade relations with its major and minor Asian neighbours, and the practical background to the missions.
Government subsidies have contributed to China's success as manufacturer and exporter in capital-intensive industries. China's state-capitalist regime uses subsidies to stabilize and create common understandings of markets among governments and firms.
China's entry into the World Trade Organization (WTO) in 2001 was heralded as historic, and for good reason: the world's most populous nation was joining the rule-based system that has governed international commerce since World War II. But the full ramifications of that event are only now becoming apparent, as the Chinese economic juggernaut has evolved in unanticipated and profoundly troublesome ways. In this book, journalist Paul Blustein chronicles the contentious process resulting in China's WTO membership and the transformative changes that followed, both good and bad - for China, for its trading partners, and for the global trading system as a whole. The book recounts how China opened its markets and underwent far-reaching reforms that fuelled its economic takeoff, but then adopted policies - a cheap currency and heavy-handed state intervention - that unfairly disadvantaged foreign competitors and circumvented WTO rules. Events took a potentially catastrophic turn in 2018 with the eruption of a trade war between China and the United States, which has brought the trading system to a breaking point. Regardless of how the latest confrontation unfolds, the world will be grappling for decades with the challenges posed by China Inc.
Introduction: America's Business with China -- Founding a Free, Trading Republic -- The Paradox of a Pacific Policy -- Troubled Waters -- Sovereign Rights, or America's First Opium Problem -- The Empire's New Roads -- This Slave Trade of the Nineteenth Century -- A Propped-Open Door -- Death of a Trade, Birth of a Market.
This fascinating book tells the story of the centuries-long confrontation along the Great Wall of China.
There’s no question, compared to the advanced economies China’s economic growth rates have been spectacular, but in most instances the economic analysts tend to forget that a large part of China’s growth has been dictated by government industrial subsidies. How did China go from a bit player overnight to the largest exporter in the world in capital-intensive industries? This book shows that government subsidies play a big part in China’s success. Government subsidies include those to basic industries: energy (coal, electricity, natural gas and heavy oil), steel, glass, paper, auto parts, solar and more. A lot has been written about China’s trade practices with the West, but none of this work addresses the real unsustainable dilemma. Much of the current literature discusses the problems but doesn’t explain the root cause of China’s lopsided trade practices with the West or explain in detail how China finances its government subsidies, with nothing written that explains that China’s subsidized exports to the United States and European Union are basically self-funded by its enormous trade surplus with the West. A trade surplus represents a net inflow of domestic currency from foreign markets and is the opposite of a trade deficit, which would represent a net outflow. Moreover, this is the only book that describes China’s current trade practices with the West as a zero sum game at the expense of the West. This book provides two solutions to this endless quagmire: an increase in Western exports to China so that China and the West have more of an equal trade balance, or a very steep reduction of China’s exports to the West.
The aim of this book is to track the historical origins of China’s economic reforms. From the 1920s and 1930s strong ties were built between Chinese textile industrialists and foreign machinery importers in Shanghai and the Yangzi Delta. Despite the fragmentation of China, the contribution of these networks to the modernization of the country was important and longstanding. Facing the challenge of growing in a fragmented country, Chinese textile firms such as Dafeng, Dacheng and Lixin focused on urban markets and also on importing technology for upgrading their production. When the war against Japan blocked trade routes inside China, these networks were concentrated in Shanghai where they envisaged an export-oriented development strategy for China that was based on importing machinery and exporting manufactured products. However, this strategy was only implemented precariously in Shanghai, while the city stood as a neutral space in the first years of the Japanese occupation, but was only consolidated in Hong Kong in the late 1940s, where textile industrialist and most of the foreign importers migrated. These networks were thus reestablished in Hong Kong, where they contributed to the city's industrialization in the Cold War period. Meanwhile, the Chinese industrialists that stayed in Shanghai and the Yangzi Delta had to adapt to the Maoist regime and were progressively incorporated into the state-owned companies or the local government agencies such as the United Front or the Textile bureaus. However, from the early 1970s, the links between Hong Kong and Shanghai were reactivated and these networks played, again, a key role in the modernization of China, especially regarding the imports of technology and exports of manufactured goods. The book ends with the first joint-ventures between Hong Kong businessmen and Chinese local administrations that took place in the beginnings of China's economic reforms in 1979.
In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
In the mid-nineteenth century, Cuba's infamous "coolie" trade brought well over 100,000 Chinese indentured laborers to its shores. Though subjected to abominable conditions, they were followed during subsequent decades by smaller numbers of merchants, craftsmen, and free migrants searching for better lives far from home. In a comprehensive, vibrant history that draws deeply on Chinese- and Spanish-language sources in both China and Cuba, Kathleen Lopez explores the transition of the Chinese from indentured to free migrants, the formation of transnational communities, and the eventual incorporation of the Chinese into the Cuban citizenry during the first half of the twentieth century. Chinese Cubans shows how Chinese migration, intermarriage, and assimilation are central to Cuban history and national identity during a key period of transition from slave to wage labor and from colony to nation. On a broader level, Lopez draws out implications for issues of race, national identity, and transnational migration, especially along the Pacific rim.