China’s 40 Years of Opening-up: Evaluation and Prospects
Yang, Pyeongseob; Na, Suyeob; Park, Minsuk; Lee, Hanna; Cho, Koun; Oh, Yunmi | August 2019
Abstract
The year 2018 marks the 40th anniversary of China's reform and opening policy. The opening of China to the outside world for the past 40 years started with the establishment of special economic zones, and was accelerated by its accession to the WTO, which has made an important contribution to the rising status of the Chinese economy in the global context. As China celebrates its 40th anniversary of reform and opening-up, it faces new challenges both internally and externally. Internally, there is a growing need to link China’s opening to the outside world with domestic restructuring, while, externally, countries like the United States are pushing back against China’s rise. To cope with such environmental changes, China is showing signs of embarking on a new opening policy. In the 25 years since the establishment of diplomatic relations between Korea and China, China has emerged as Korea's largest trading partner and second largest investment destination, and the influence of changes in China's foreign policy on the Korean economy and Korea-China cooperation is also growing. Therefore, this study comprehensively looks at China's opening policy over the 40 years of its reform and opening policy, and anticipates the direction of the opening policy which Xi Jinping will pursue in his second term. For this purpose, we identified major areas (regional opening strategy, foreign direct investment strategy, outward investment strategy, FTA strategy, and the U.S.-China trade relationship) to examine changes in the opening policy, going on to present countermeasures that Korea may take.
Citation
Yang, Pyeongseob; Na, Suyeob; Park, Minsuk; Lee, Hanna; Cho, Koun; Oh, Yunmi. 2019. China’s 40 Years of Opening-up: Evaluation and Prospects. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/10905.ISSN
2233-9140
Keywords
Regionalism
Regional Economy
Regional Trading Arrangements
Regional Trade Integration
Regional Economic Integration
Regional Cooperation
Interregional Cooperation
Trade Disputes
Trade Barriers
Free Trade
Trade
Trade Agreements
Intraregional Trade
Government Policy
Regional Organization
Regional Plans
Economic integration
Regional Development Bank
Preferential tariffs
International negotiation
Protectionist measures
Access to markets
Economic agreements
International trade law
Regional integration
Trade relations
Exports
Economic integration
Distribution
Economic integration
Development Bank
Trade policy
Small Business
Regional economics
Regional planning
Regional disparities
Interregionalism
Regional economic disparities
Regional economic blocs
Industrial arbitration
Euro
Inflation
Business
Finance
Free trade
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http://hdl.handle.net/11540/10905Metadata
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