China's Foreign Trade Reforms: Impact on Growth and by John C. Hsu

By John C. Hsu

Drawing on fabric formerly to be had in basic terms in chinese language, this booklet offers an overview of China's contemporary reform of the overseas alternate approach and discusses the advantages of such reform by way of better progress for its financial system. the end result means that the advantages from international alternate reforms were diminished via the shortcoming of responsiveness between China's companies to alterations in household and international marketplace stipulations, and through the tendency for overseas exchange to irritate the inflation challenge.

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3). Fixed capital formation even experienced an absolute decline by 21 percent in 1981, the year when the government temporarily recentralized economic decision-making power because of its fear that the investment growth at the local level would again lead to worsening economic imbalance. However, in 1982 economic decision-making powers were again decentralized, and investment rose by 26 percent to compensate for the large decline in the previous year. Note that the low investment growth in the years between 1979 and 1982 was attributable primarily to the decrease in the level of investment in heavy industry.

On breaking these taboos, China intended to strengthen its import capacity, in order to allow the possibility of a rapid technological transformation based on imported technology. 4 Economic growth, investment, and foreign trade, 1979-85 In spite of its economic reforms, China was still predominantly a centrally planned economy in the period between 1979 and 1985. A major proportion of goods continued to be placed under a unified distribution system. This was true particularly for heavy industry, which had consistently been kept under the relatively strict control of the central government.

D Figures are based on renminbi values. ' Figures are based on the physical units of the products. Sources: GNP: Scherer (1985, p. 90). 2 in Appendix A. 3 in Appendix A. Consumption per capita: State Statistical Bureau, Statistical Yearbook of China (Hong Kong: Economic Information and Agency, 1987, pp. 592 and 632). 4, the levels of output in agriculture, light industry, and heavy industry went up by an average of 10 percent, 13 percent, and 8 percent per annum, respectively, in the period between 1979 and 1985.

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