Effectiveness of China＇s Monetary Policy and Reform of Its Foreign Exchange System

I. Introduction The background of this research is related to continued disputes between China and its trading partners, and to the resulting international pressure on China’s foreign exchange (Forex) system. As the fastest growing economy in the world, China’s foreign trade has expanded at a fantastic pace and its trade surplus with the rest of the world is huge and rising. This remarkable success has encountered increasing criticism, whether correct or not, from the countries that feel t…     

Analysis of the Doha round negotiation

The aim of this paper is to gain the nature and practice of international trade and its development through learning about some important trade negotiations, agreements and disputes. In this article, we will demonstrate and discuss some major issues in the Doha round negotiation, which are also controversial topics in international trade forum.     

Past Successes and New Challenges： China＇s Foreign Trade at a Turning Point

Since 1979, China has recorded a remarkable trade performance, which has been driven by international processing and the offshoring strategies of foreign firms. The diversification of Chinese exports and their technological upgrading have been phenomenal However, there is also inertia, illustrated by the persistent dualism of the trade sector, the unrelenting specialization in downmarket products and the deteriorating terms of trade. These weaknesses have helped its partners to adjust to the rise of this new trade power. In the past decade, China＇s economy has faced the adverse effects o fan export-led growth and the global crisis has revealed its vulnerability. China is now forced to rebalance its economy. This will imply major changes in foreign trade, in favor of ordinary trade and away from processing. In the foreseeable future, China is unlikely to become the driver of international demand but will remain the engine of Asian economic integration.     

Development in China＇s Foreign Trade： 2003-2012

China＇s foreign trade has entered a new stage, marked by some profound changes since 2003. After 5 years ＇consecutive high growth, China＇s foreign trade experienced a significant slowdown in growth following the onset of the global financial crisis in 2008. The purpose of this article is to present a review of the development in China＇s foreign trade over the past l O years, and to explore important changes that have taken place during this period of time. A majorfinding of the presentpaper is that the traditional forces driving the high export growth in China, that is, low-cost labor, low-cost resources and low-cost money, have been disappearing. The policy implication is that over the next l O-15 years, the most important conditions for sustaining high export growth will be promoting the development and export of private enterprises in traditional heaw industries and high-technology industries, and relying on technological progress and high produc6vity to propel export expansion.     

Impact of Cross-Strait Trade Liberalization： A Computable General Equilibrium Analysis

This paper applies a computable general equilibrium model to investigate the potential economic effects of trade liberalization across the Taiwan Strait. Our simulation results reveal that cross-Strait trade liberalization will have significant positive impacts on external trade, domestic investment and real GDP for the economies in this area in general and in Taiwan in particular. Furthermore, the negative impact from the formation of a free trade arrangement between Taiwan and Chinese Mainland on Hong Kong seems to be rather small. These results suggest that cross-Strait trade liberalization is very likely to bring about a win-win situation for the economies in this area.     

Study on the Efficiency of Fund Allocation of Listed Companies in the Process of Industrial Structure Adjustment

Through the analysis of the accomplishment of trade fund allocation and industrial structure adjustment, we find there are big differences in the efficiency of using the trade fund of listed companies. It is very important to optimize the trade allocation of the fund. As to the efficiency of allocating the trade funds, the two indexes, trade competition and enterprises technology have the strong instructive meaning. And the trade assets with characters of resource monopoly and consumption particularity are used most effectively. While promoting the industrial structure adjustment of listed companies in the future, we should consider the competitive situation of the trade and the technological situations of enterprises in the companies＇ access and in the fund allocation sufficiently. This paper puts forward some countermeasures and suggestions to solve the problems of the unreasonable allocation of trade fund in companies coming into market, the low effect of the use of the whole fund in listed companies, etc.     

China: How to Fight the Antidumping War?

I. IntroductionSince the erection of WTO in 1995, "dumping" has become a major source of trade disputes among its member countries. The number of antidumping cases pending before various legal forums is climbing up rapidly. According to data on antidumping practice of 2002 released by the WTO Secretariat, 21 member countries initiated 330 antidumping investigations against exports from a total of 64 different countries or customs territories. Of the 330 investigations, there were 182 cases initiated by developed countries and therest of 148 were initiated by developing countries. China,     

Does China have Inflationary Effects on the USA and Japan？

With China＇s share in global trade increasing rapidly, some argued in 2002-2003 that China was exporting deflation to other countries as it was dumping cheap goods in mature markets. Later, others argued that China was causing sharp increases in global prices. This paper uses several econometric techniques to assess the extent of the link between inflation rates between China and the USA and Japan. Only limited empirical evidence at the aggregate level is found for consumer price inflation in China leading to price changes in the USA and Japan. However, there is some evidence that inflation in the USA has an impact on Chinese inflation. The results seem consistent with the Federal Reserve and the Bank of Japan being concerned about inflation and, hence, adjusting policy such that inflation shocks have no significant effect on overall inflation. Recent Chinese price rises are unlikely to have a material effect on the USA or Japan.     

Etiquette on Business Negotiations

With the further deepening of process global trade, many of our businesses have joined the ranks of intem~tional trade. At the same time, the values vary from nations to nations, so does the use of etiquette. There is not an acknowledged standard and it is only a set of established rules which are obeyed by all the people in the nation, therefore, in the international trade, we should pay attention to how to use the international etiquette in all fields, such as politics, economics, culture, military and even trade terms. The business etiquette shows the principle of respecting each other in business acdves. The business etiquette is a role to restrain the negotiators＇ behavior in daily business actives. Treating others politely in negotiatiom uot only shows negotiators ＇ education and quality, but also affects the thoughts and emotious of the other party in some degree. This thesis gives a definition of business etiquette and systematically explains contents, categorizations, features, principles, functions and practices. And it illmtrates greeting etiquette, dining etiquette, symbolizing etiquette, dress code, telephone etiquette and meeting etiquette in detail.     

China＇s Trade Acceleration and the Deepening of an East Asian Regional Production Network

China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU have risen rapidly, reaching US$144bn and US$91bn in 2006, respectively. On the other hand, China is importing heavily from its Asian neighbors. This diverging pattern of trade relations between China and its main trading partners reflects the continuous expansion and intensification of a complex cross-border production network in Asia, particularly for consumer electronics. In the process of deepening manufacturing sharing, China serves as an essential export platform for firms headquartered in the more advanced economies. These firms export intermediate goods from the relatively more advanced Asian economies to their affiliates in China where these inputs are assembled and then shipped to key export markets, including primarily the USA and the EU. One apparent outcome of the growing processing and assembly trade is the increased interdependency among Asian economies, which are now more dependent on each other than ever. It has also led to substantial structural changes and technological upgrading in China＇ s traded goods.     

中外贸易摩擦的新动向及应对战略

随着中国在世界贸易中地位的提高,贸易摩擦问题日益凸显。其新动向主要表现为：摩擦手段从传统贸易壁垒转向新贸易壁垒,摩擦对象从发达国家向发展中国家蔓延,贸易摩擦争端的内容迅速扩大、涵盖众多产品,贸易摩擦领域从微观层面向制度层面延伸。应对中外贸易摩擦的新动向,不仅要客观地看待贸易保护主义,更要重视贸易摩擦的政治解决途径,同时注重提高国内企业市场竞争能力,不断完善市场经济制度。     

市场驱动的中日韩贸易一体化趋势研究

近年来中日韩三国经贸合作日益频繁,相互出口结构进一步与区域内的需求结构相契合,产业分工水平进一步深化,表现出明显的区域贸易一体化趋势。这一过程客观上要求突破原有的国家边界束缚,在区域内实施更加开放的经济贸易政策,促进区域竞争力提高和经济持续增长。     

要素分工与发展中国家经济发展

要素分工的发展使国际贸易表现出两个新特点:一是世界市场交换的中间产品比重大大增加;二是发达国家与发展中国家的贸易比例不断上升。文章采用一个扩展的李嘉图模型对要素分工进行了分析。分析表明,要素分工提高了发展中国家参与国际分工并从中获利的机会,同时也提高了分工参与国的整体利益。对于发展中大国而言,积极发展国内的要素分工是减轻国际市场依赖的一个重要手段。     

Trends and patterns of the international tropical hardwood trade

In spite of the rapid expansion of tropical hardwood exports since 1960, there was no change in the structure of the trade. For a more equitable distribution of gains from the trade, tropical developing countries need to move away from log exports into domestic processing of wood. The main obstacles to future expansion of tropical hardwood exports are a lack of necessary complementary inputs in the producing countries and the restrictions to market access in the major importing countries. Rationalization of the production and trade of tropical hardwoods could contribute significantly to world welfare.     

China’s fare share? The growth of Chinese exports in world trade

The growth of Chinese exports in market share over the past two decades is a singular event in the history of world trade. Using data from 1995–2010, we document this growth in a variety of ways. We show that the expanded trade is pervasive. Virtually every country in the world has seen China claim a larger share of its import market. Then, we use Constant Market Share analysis to determine which country or countries have lost market share as China’s trade has grown. Contrary to much discussion in the popular press, we find strong evidence that other developing countries have not seen export shares fall as a result of China’s gains. Rather, our results suggest that China’s share growth has come largely at the expense of exporters based in developed countries, especially Japan and the United States.     

论发展中国家对外直接投资理论对我国企业实施“走出去”战略的借鉴意义

实施"走出去"战略,积极开展对外直接投资,有助于缓解我国出口企业面临的日益严重的国际贸易壁垒和贸易摩擦,对于推进我国产业结构提升和增强企业国际竞争力,具有现实而长远的重要意义。伴随着中国经济国际竞争力的不断增强,越来越多有条件的本土企业选择"走出去"投资战略。研究发展中国家对外直接投资理论,可以为现阶段我国企业成功"走出去"提供战略投资和路径选择的有益借鉴。     

PROBLEMS IN EXPANDING JAPAN'S IMPORTS OF MANUFACTURES FROM DEVELOPING ECONOMIES: A SURVEY*

The Japanese economy is now the second largest market economy, with a large trade surplus. And yet, Japan's imports of manufactures have long been very low relative to its GNP, when compared with other industrial countries; its ratio of manufactured imports to GNP was in the range of 2.1–2.7% in the 1980-87 period, as compared with 8.5–10.3% for the industrial countries as a whole or 4.7-7.2% for the United States. The share of developing economies in total imports of manufactures in Japan is about the same as, if not higher than, those for most other industrial countries. If Japan's ratio of manufactured imports to GNP were to rise in the future to approach closer to those of other industrial countries, Japan's imports of manufactures from developing economies could be two to three times what they are today, even if Japan's GNP does not increase at all and the share of developing economies in Japan's manufactured imports does not increase. This paper is an attempt to probe the potential of the Japanese market for imports of manufactures from developing economies in terms of rising ratio of such imports to GNP. The paper explores the reasons why Japan's ratio is exceptionally low, on the basis of existing literature. (a) Japan's ratio of manufactured imports to GNP has remained exceptionally low compared with those for other industrial countries. (b) Japan's ratio of manufactured imports from developing economies to GNP has remained distinctly low despite the recent surge in such imports. (c) If a part of the reason for the low ratio for Japan was a market access problem as often alleged, the problem is not with formal import barriers such as tariffs and formal non-tariff barriers because these barriers in Japan are no higher than in other industrial countries. As for informal import barriers, evidence found indicates that: (i) Administrative guidance and flexibly managed competition policy, which in the past had considerable effects of limiting imports, appear to have declined-in importance, but they still have import-limiting effects in certain areas. (ii) Market access difficulties involving import procedures, product standards, testing and certification requirements, which were enormous in the past, may have also decreased in severity over the last decade, but problems in these areas persist. (iii) There are aspects of the Japanese distribution system and practice that seem to make foreign access to the Japanese market significantly more difficult than the access by Japanese exporters to the markets in other industrial countries. Distribution in Japan suffers from overregulation. (iv) Users of manufactured products in Japan are sensitive to quality, perhaps more so, on the average, than in other industrial countries. Does the recent upsurge in Japan's imports of manufactures suggest that the traditional import behavior of Japan is changing? Japan's manufactured imports measured in yen increased by 18 and 27 percent in 1987 and 1988, respectively, and those coming from developing economies increased even more rapidly. There is also some evidence that price and income elasticities of demand for manufactured imports may have increased recently. These are encouraging, but it remains to be seen whether the trends will continue far enough into the future to bring Japan's import behavior more into line with those of other industrial countries. If they do, implications for the market prospects of manufactured exports from developing economies could be far-reaching. Outstanding questions are: (i) How much of the recent increase in manufactured imports is attributable to the appreciation of the yen (price effect)? How much is attributable to the increase in income or industrial output (income effect)? How much is attributable to removal of formal and informal import barriers effected so far (structural change)? Has consumer taste changed? (ii) Why have Latin American countries not been successful in promoting their exports of manufactures to Japan, when Asian exporters have been so successful? (iii) Up until now, the share of developing economies in Japan's manufactured imports has not been particularly low compared with those for other industrial countries, but is this share likely to fall or rise in the future? (iv) What is the likely impact of recently increased direct investment (DFI) by Japanese manufacturers in developing economies on the imports of their products into Japan?     

中国服务贸易国际地位与竞争力比较

国际服务贸易的发展呈现出新的特征:服务可贸易性大大提高,技术知识密集性服务贸易发展很快,发展中国家在服务贸易中的地位在上升,服务贸易壁垒更加隐蔽化。中国的服务贸易虽然在改革开放后有了较大发展,但国际竞争力仍然较低。主要体现在:服务贸易开放度不高;年增长率较高但相当一部分靠进口维持;国际占有率不高;技术、知识型服务偏低。中国服务贸易的显示比较优势指数不仅低于发达国家,甚至与一些发展中国家也有差距。     

Lead markets, innovation differentials and growth

This article suggests that the specialization of countries in international trade is determined by the lead-lag market pattern of national markets. Many internationally successful innovations have been adopted first in one country while other countries initially either preferred other designs or an established product. A model for the international diffusion of innovations is presented in which nationally preferred innovation designs compete to become a globally dominant design. In this model, there are country-specific market attributes that increase the likelihood that the choice a country makes among alternative technologies is followed around the world. It is argued that technological knowledge gaps are not the origin of an international competitive advantage. Instead, a country gains a competitive advantage because a specific innovation design was adopted earlier than in any other country. This gives local firms a head start in producing, gathering marketing intelligence and securing the property rights of a globally successful innovation. In countries with lag market characteristics, domestic innovations are less likely to get adopted worldwide. Lag markets often switch from a domestic innovation design to a foreign innovation design, which increases imports. The lead-lag market explanation of trade specialization has implications for national policies. In this model domestic innovations do not always foster exports; idiosyncratic innovations induced by lag market contexts can hamper the export chances of local firms and in the end lead to an increase in imports. It is suggested that in order to increase exports, national policies have to distinguish between a domestic lead and lag market context in each industry. While in a lead market context, traditional policy instruments that enhance the rate of innovations are effective, in a lag market situation national follower strategies are more appropriate.     

中国东盟自贸区与中、越边贸的前景

作为世界上最贫困的国家之一,越南经历了战争的磨难和蜕变的痛苦,今天其经济增长呈现出了不可阻挡的态势,如何在中国东盟自由贸易区框架下利用地缘优势发展中越边贸,抓住这个不可多得的大市场,已经成为今天我们必须关注的问题。