The Role and Impact of China’s Trade Internationalization: A Paradigm Shift in the World Economy
DOI:
https://doi.org/10.31384/jisrmsse/2019.17.2.9Keywords:
Global Economy, Trade Internationalization, Trade Pattern, Economic ImplicationAbstract
In the present era, China has instigated a soft power image to dominate the world (by sweeping the world trade and markets) in contrast to the United States of America (USA) and European Union hard power strategy. This study presents and reviews the growth in China’s trade in the context of the global economy. On the basis of this study, it can be concluded that China has caused a paradigm shift in the global economy through its trade-centered policies. Its dominance is largely attributed to the encouragement of local investors and promoting trade and products through a policy of minimizing barriers to openness. It is also observed that China’s economy has been more stable in the recessionary times and has strong correlation with total world trade import and export volume.
Downloads
References
Bao, X., & Qiu, L. D. (2010). Do technical barriers to trade promote or restrict trade? Evidence from China. Asia-Pacific Journal of Accounting & Economics, 17(3), 253-278. DOI: https://doi.org/10.1080/16081625.2010.9720865
Berger, B., & Martin, R. F. (2011). The growth of Chinese exports: An examination of the detailed trade data. International Finance discussion papers, 1033. DOI: https://doi.org/10.17016/IFDP.2011.1033
Canfei, H. E., & Shengjun, Z. H. U. (2007). Economic transition and industrial restructuring in China: Structural convergence or divergence?. Post-communist economies, 19(3), 317-342. DOI: https://doi.org/10.1080/14631370701503448
Chen, X., Cheng, L. K., Fung, K. C., Lau, L. J., Sung, Y. W., Zhu, K., & Duan, Y. (2012). Domestic value-added and employment generated by Chinese exports: A quantitative estimation. China Economic Review, 23(4), 850-864. © 2012 Elsevier Inc. DOI: https://doi.org/10.1016/j.chieco.2012.04.003
Child, J., & Rodrigues, S. B. (2005). The Internationalization of Chinese Firms: A Case for Theoretical Extension? 1. Management and organization review, 1(3), 381-410. DOI: https://doi.org/10.1111/j.1740-8784.2005.0020a.x
Cyrus, T. (2004). Does convergence cause trade, or does trade cause convergence?. The Journal of International Trade & Economic Development, 13(4), 397-418. DOI: https://doi.org/10.1080/0963819042000300573
Dunford, M., & Yeung, G. (2011). Towards global convergence: Emerging economies, the rise of China, and western sunset?. European Urban and Regional Studies, 18(1), 22-46. DOI: https://doi.org/10.1177/0969776410382596
Fox, J., & Godement, F. (2009). A power audit of EU-China relations (pp. 20-27). London: European Council on Foreign Relations.
Gaulier, G. (2003). Trade and convergence: revisiting Ben-David. CEPII.
Husted, S., & Nishioka, S. (2013). China's fair share? The growth of Chinese exports in world trade. Review of World Economics, 149(3), 565-585.DOI 10.1007/s10290-013-0149-2 DOI: https://doi.org/10.1007/s10290-013-0149-2
Krugman, P. R. (2008). International economics: Theory and policy, 8/E. Pearson Education, India.
Lake, D. A. (2018). Economic Openness and Great Power Competition: Lessons for China and the United States. DOI: https://doi.org/10.2139/ssrn.3171196
Lee, I. H., Kim, K., & Kang, E. J. (2016). Time to Rethink Monetary Policy in Emerging Economies: Touching the Tip of an Iceberg. DOI: https://doi.org/10.2139/ssrn.2771581
Matsushita, M., Schoenbaum, T. J., Mavroidis, P. C., & Hahn, M. (2015). The World Trade Organization: law, practice, and policy. Oxford University Press.
Moroney, J. R., & Walker, J. M. (1966). A regional test of the Heckscher-Ohlin hypothesis. Journal of Political Economy, 74(6), 573-586. DOI: https://doi.org/10.1086/259221
Morrison, W. M. (2019). China’s economic rise: History, trends, challenges, and implications for the United States. Congressional Research Service. Retrieved from: https://fas.org/sgp/crs/row/RL33534.pdf
Pascal, L., (2013) Report of the Panel on Defining the Future of Trade convened by WTO Director-General ISBN 978-92-870-3876-0 © World Trade Organization.
Rodrik, D. (2011). The Future of Economic Convergence (No. w17400). National Bureau of Economic Research. DOI: https://doi.org/10.3386/w17400
Ruffin, R. (2002). David Ricardo's discovery of comparative advantage. History of political economy, 34(4), 727-748. DOI: https://doi.org/10.1215/00182702-34-4-727
Sanidas, E., & Shin, Y. (2011). Convergence towards the revealed comparative advantage neutral point for East Asia: similarities and differences between the three countries.
Singer, H. (1998). The terms of trade fifty years later-convergence and divergence. The South Letter, 30(1), 1-5.
Subramanian, A. (2014). Ideas and power in contemporary trade development. Adelphi Papers, 54(450), 39-60. DOI: https://doi.org/10.1080/19445571.2014.1019717
World Bank. (2008). World Development Report 2009: Reshaping Economic Geography. World Bank Publications.
Yang, X., Jiang, Y., Kang, R., & Ke, Y. (2009). A comparative analysis of the internationalization of Chinese and Japanese firms. Asia Pacific Journal of Management, 26(1), 141-162. DOI: https://doi.org/10.1007/s10490-007-9065-0
Zhang, K. H. (2009). Capital Markets, Industrial Development, and the Role of China in the World Economy: Guest Editor's Introduction. Chinese Economy, 42(6), 3-6. DOI: https://doi.org/10.2753/CES1097-1475420600
Zhao, J., & Hu, Y. (2016). Formal or informal? The dispute settlement mechanisms of China’s free trade agreements. Journal of Shanghai Jiaotong University (Science) (1), 44-50. DOI: https://doi.org/10.1007/s12204-016-1697-0
Zweig, D. (2018). Internationalizing China: domestic interests and global linkages. Cornell University Press.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2019 Author
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright: The Authors
