| ID | 112420 |
| Title Proper | India and China |
| Other Title Information | the trade policy dynamics |
| Language | ENG |
| Author | Bhat, T P |
| Publication | 2012. |
| Summary / Abstract (Note) | India and China share many similarities. In the initial years, both adopted inward-looking import substitution policies with little consideration to foreign trade. During that period, China's foreign trade policy was more regimented than that of India's. As a result, both suffered on account of inefficiency in production and technological backwardness. China's 'open door' policy came into force in 1978, and India adopted liberalisation policies much later in 1991. China's economy grew much faster with an emphasis on export growth and attracting foreign direct investment. India, too, followed this approach in a calibrated manner. Domestic economic reform in China was carried out with a view to join the World Trade Organization (WTO). Entry of China into WTO unfolded trade liberalisation on an unprecedented scale. China's foreign market access enhanced its export growth to a phenomenal level. Now it has become the number one exporter, surpassing the US. India's exports also grew, but not as fast as China's. Trade instrument deployed by both the countries varies in nature and substance. China's export competitive power is well established in the global market, while India is yet to get to that level. |
| `In' analytical Note | India Quarterly Vol. 68, No.1; Mar 2012: p.69-87 |
| Journal Source | India Quarterly Vol. 68, No.1; Mar 2012: p.69-87 |
| Key Words | India - China ; Trade Policy ; WTO ; Liberalisation ; FTA |