| Publication |
2013.
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| Summary/Abstract |
China's foreign trade has entered a new stage, marked by some profound changes since 2003. After 5 years' consecutive high growth, China's foreign trade experienced a significant slowdown in growth following the onset of the global financial crisis in 2008. The purpose of this article is to present a review of the development in China's foreign trade over the past 10 years, and to explore important changes that have taken place during this period of time. A major finding of the present paper is that the traditional forces driving the high export growth in China, that is, low-cost labor, low-cost resources and low-cost money, have been disappearing. The policy implication is that over the next 10-15 years, the most important conditions for sustaining high export growth will be promoting the development and export of private enterprises in traditional heavy industries and high-technology industries, and relying on technological progress and high productivity to propel export expansion.
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