The Emergence of Greater China: The Economic Integration of by Yun-Wing Sung
By Yun-Wing Sung
The fusion of knowledge and capital from Hong Kong and Taiwan with the mammoth labour assets on China has resulted in the emergence of a dynamic economic system of "Greater China" rivalling the united states, the ecu Union and Japan. what's the nature and pattern of exchange and funding inside of larger China? What are the affects at the global financial system? With China's access into the WTO, what are the issues and clients of higher China? those are a number of the concerns raised inside Yun-Wing Sung's booklet.
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Extra info for The Emergence of Greater China: The Economic Integration of Mainland China, Taiwan and Hong Kong (Studies on the Chinese Economy)
Jiangsu nevertheless beneﬁted from the opening of Shanghai thanks to the latter’s proximity. Many foreign investors have invested in the industrial parks of Suzhou, as they are near Shanghai and the costs are lower than Shanghai. Since 2000, Jiangsu plus Shangai have surpassed Guangdong as the prime destination of Taiwanese investment. Suzhou has become an important base for electronics products. Zhejiang Zhejiang has no special ties with Taiwan and Hong Kong, and it does not have the beneﬁt of a central location.
In mid2003, the Mainland concluded the CEPA with Hong Kong and agreed to open the Mainland’s services to Hong Kong in early 2004, ahead of the Mainland’s commitments to the WTO. One objective of the Mainland–Hong Kong CEPA was to allow competitors from Hong Kong to stimulate the Mainland’s services providers to prepare them for the rigours of global competition. Though Hong Kong’s economy has been in crisis since 1997, Hong Kong continues to play an important role in the Mainland’s opening. 3 Policy Changes and Economic Integration Economic integration In economic theory, economic integration means a lowering of the barriers to business between two economies.
This includes genuine Hong Kong capital and also Mainland capital previously channelled via Hong Kong. Investment of Hong Kong and Taiwan in the Mainland According to the Mainland’s ofﬁcial ﬁgures, Hong Kong’s share of the Mainland’s FDI has declined from over two-thirds in 1992 to less than a third in 2003, though Hong Kong still accounted for 44 per cent of the cumulative stock of FDI since 1979. It is well known that Hong Kong’s share is exaggerated, as it includes capital intermediated through Hong Kong as well as capital originating from Hong Kong itself.