China's Integration into the World Economy Implications for Developing Countries

30 Pages Posted: 15 Feb 2006

See all articles by Yongzheng Yang

Yongzheng Yang

International Monetary Fund (IMF) - African Department

Date Written: December 2003

Abstract

Although the rest of the world had waited a long time for China to open up, feelings were mixed when it actually did and began to integrate rapidly with the world economy. With the country`s recent accession to the World Trade Organization (WTO), many of its trading partners are increasingly concerned that China`s competition in the world goods and capital markets may adversely affect their own growth prospects. This paper examines the implications of China`s WTO accession for other developing countries in the context of the country`s long-term process of growth and opening up. The paper argues that China`s integration into the world economy will inevitably impose adjustment costs on its trading partners in the short-to-medium term, but the benefits it generates are likely to dominate in the long run.

Keywords: China WTO accession export competition FDI diversion developing countries

JEL Classification: F13 F14 F15

Suggested Citation

Yang, Yongzheng, China's Integration into the World Economy Implications for Developing Countries (December 2003). IMF Working Paper, Vol. , pp. 1-30, 2003. Available at SSRN: https://ssrn.com/abstract=880955

Yongzheng Yang (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States
202-623-4339 (Phone)
202-623-4237 (Fax)

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