China’s post-WTO export growth and the restructuring of Asian production network: a global value chain approach

Hang Young Lee, Joonkoo Lee

Research output: Contribution to journalArticleResearchpeer-review

Abstract

China’s trade surplus with the U.S. has persistently increased since 2001 when China participated in the World Trade Organization (WTO). China’s WTO entry is assessed to improve the competitiveness of its products in the global market and to increase its exports, especially in the U.S.However, in this paper we argue that increased Chinese exports to the U.S.include the effect of restructured Asian production network, which has been paid less attention to. China’s WTO entry stimulated investment in China from Asian countries because China’s entry facilitated a fuller incorporation of China’s market into global markets and the Chinese economy’s compliance with global standards. This new surge of foreign direct investment (FDI) into China from Asian countries has restructured Asian production network; as early-industrialized Asian countries relocated their production base to China; Chinese production system has been more integrated to Asian production network. As a result, restructured Asian production network, we argue, has expanded China’s exports to U.S. while constraining the growth of U.S. exports from other Asian countries. At the same time, stagnant U.S. exports from those Asian countries were compensated by their increased exports to China. Thus, we call attention to the global value chain perspective as a way to understand recent trends in international trades between Asian countries and the U.S.
Translated title of the contributionChina’s post-WTO export growth and the restructuring of Asian production network: a global value chain approach
LanguageKorean
Pages231-258
Number of pages28
JournalJournal of Social Research (한국사회)
Volume13
Issue number1
Publication statusPublished - 2012
Externally publishedYes

Fingerprint

value chain
WTO
restructuring
China
market
direct investment
world trade
foreign investment
competitiveness

Keywords

  • Asian production network
  • global value chain perspective
  • international trade
  • FDI

Cite this

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title = "WTO 가입 이후 중국의 대미수출과 아시아 생산 네트워크의 재편: 글로벌 가치사슬 이론적 접근",
abstract = "China’s trade surplus with the U.S. has persistently increased since 2001 when China participated in the World Trade Organization (WTO). China’s WTO entry is assessed to improve the competitiveness of its products in the global market and to increase its exports, especially in the U.S.However, in this paper we argue that increased Chinese exports to the U.S.include the effect of restructured Asian production network, which has been paid less attention to. China’s WTO entry stimulated investment in China from Asian countries because China’s entry facilitated a fuller incorporation of China’s market into global markets and the Chinese economy’s compliance with global standards. This new surge of foreign direct investment (FDI) into China from Asian countries has restructured Asian production network; as early-industrialized Asian countries relocated their production base to China; Chinese production system has been more integrated to Asian production network. As a result, restructured Asian production network, we argue, has expanded China’s exports to U.S. while constraining the growth of U.S. exports from other Asian countries. At the same time, stagnant U.S. exports from those Asian countries were compensated by their increased exports to China. Thus, we call attention to the global value chain perspective as a way to understand recent trends in international trades between Asian countries and the U.S.",
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WTO 가입 이후 중국의 대미수출과 아시아 생산 네트워크의 재편 : 글로벌 가치사슬 이론적 접근. / Lee, Hang Young; Lee, Joonkoo.

In: Journal of Social Research (한국사회), Vol. 13, No. 1, 2012, p. 231-258.

Research output: Contribution to journalArticleResearchpeer-review

TY - JOUR

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AU - Lee, Joonkoo

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