China’s Transition to a Global Economy by Michael Webber, M. Wang, Z. Ying

By Michael Webber, M. Wang, Z. Ying

How has China approached the worldwide financial system? Webber, Wang and Zhu try to solution this query via research of the suggestions of globalization, transition and regionalization. China's technique has been experimental, stressing the liberalization of exchange and funding flows and the advance of a marketplace financial system. through those indexes globalization in China has been slow and asymmetric. Integrating Western social technological know-how and chinese language examine, this publication assesses the character and influence of globalization in China and its implications.

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Key sectors of Chinese overseas TNCs are based on authors’ estimates, drawing on various sources. Sources: Data for 1998 from MingPao, 12 February 1999. Data for 1979–90 from Weng 1997. Data for 1991 from SSB 1992 China Foreign Trade and Economic Cooperation Yearbook. Data for 1992–97 from World Investment Report. Ÿ from FEER 15 April 1999. China Goes Out 45 of growth of China’s outward FDI was dramatic. The world’s TNCs grew at an annual rate of 29 per cent while China’s grew at 42 per cent (Liu the He 1993: 1251).

1989), and on mainland Chinese investment in Hong Kong (Fung 1996). Within China, research has identified the need for FDI outflows (Chen and Zhang 1995; Xie 1994), policy issues (Liu et al. 1993; Liu and Yuan 1997), how China should establish general trading companies (after the manner of Japanese sogo shosha) through FDI outflow (Fang 1996) and how Chinese firms should select overseas partners (Yang 1996). This chapter describes how China has gone out. It examines the motivations for and spatial distribution of CGI transnational corporations (TNCs), mainly not trading enterprises, by evaluating official statistics and an array of relevant studies and commentaries.

Nevertheless this period was still viewed as an experimental stage. 6). Each year, about 20 Chinese enterprises set up operations overseas. These operations were mostly in the service sector, particularly Chinese restaurants, located mainly in the major cities or Chinatowns of host countries, such as the USA, Japan and Thailand. Investment in other service sectors, such as construction and shipping, was located largely in Hong Kong and Macao. For example, one of China’s two major international shipping companies was headquartered in Hong Kong.

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