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3.1 Globalization: Trade and Foreign Direct Investment – An Introduction

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China’s Economic Transformation Part 1: Economic Reform and Growth in China

홍콩과학기술대학

4.8(53개의 평가) | 4K명의 학생이 등록함

In 1978, after nearly 30 years of socialist planning under Mao Zedong, China was one of the world’s poorest countries, saddled with an inefficient, inward-looking economy. Today, China is an upper-middle income country and the world’s largest trading nation, contributing more to global economic growth than any other nation. How could such a remarkable transformation take place? This course will examine in detail the reforms that have contributed to China’s economic development and the current challenges facing the Chinese economy. After completing this course, you will be able to: - describe the origin and consequences of China’s key economic reforms since 1978; - explain how features of China’s fiscal and financial systems have impacted development outcomes; - assess the extent to which China has integrated itself into the global economy and the consequences of such integration for China and other countries; - explain the importance of different sources of economic growth during different periods since 1978; and - critically assess the economic and policy challenges facing China going forward. This course does not offer certificate at the moment. Course Overview video: https://youtu.be/YBkhpvWUoIw

강의 계획서 보기

검토

4.8(53개의 평가)

5 stars
45 ratings
4 stars
8 ratings

SJ

Sep 16, 2018

Very Good course Gives a broader idea about the Chiese economy and some of the most important reforms and policies during the transformation period.

GG

Nov 12, 2017

great course , very clear , well explained and mr park was really a great professor . waiting for the part 2

수업에서

Module 3: Globalization: Trade and Foreign Direct Investment

In this module, we will focus on China's trade and foreign direct investment. Apart from regular lectures, we will visit firms in China to understand the impact of foreign direct investment on them. We will also have interviews and discussions with leading scholars to provide greater insight into what is happening in the areas of China's outbound foreign direct investment and the internationalization of the Renminbi.

3.1 Globalization: Trade and Foreign Direct Investment – An Introduction5:12

3.2 International Trade: Performance and Policies14:25

3.3 Trade and Development16:13

3.4 Foreign Direct Investment15:37

3.5 Foreign Direct Investment – Firm Visits in China17:48

3.6 China’s Outbound Foreign Direct Investment6:18

3.7 China’s Outbound FDI – An Expert Discussion12:42

3.8 Internationalization of the Renminbi7:05

3.9 Internationalization of the Renminbi – An Expert Discussion9:14

3.10 Globalization: Trade and FDI – Module Summary4:20

강사:

Albert Park
Director of the Institute for Emerging Market Studies, Chair Professor of Social Science and Professor of Economics

스크립트

[MUSIC] China's embrace of globalization has been a key driver for its rapid economic growth. The port of Hong Kong, which you see behind me, is the fourth busiest port in the entire world. Following Shanghai, Singapore, and Shenzhen, the special economic zone located just across the border with mainland China. Also near the border in Guangdong Province is Dongguan City. The heart of the factory of the world, which produces many of the goods found in the containers you see here. 15% of all of China's exports pass through this port. And Hong Kong along with Taiwan and Macao account for nearly two-thirds of all of the foreign direct investment into mainland China. So it really is a gateway into China for trade and investment. In this module, we will study how globalization has impacted the Chinese economy, and helped catalyze economic growth. China is now the world's largest trading nation. It exports more goods than any other country in the world, and it imports more goods than all countries except for the United States. From the very outset of economic reform, Deng Xiaoping embraced globalization as providing valuable opportunities to support the development of the Chinese economy. Like its east Asian predecessors in Japan, Korea, and Taiwan. China took advantage of export opportunities to help support industrialization. However, unlike those other countries, China has also been remarkably open to allowing foreign firms to export their products into China. To import goods at relatively low tariff rates, and also to allow foreign firms to make direct investments into China. To set up joint ventures or fully owned foreign companies. Now if we think about the opportunities of globalization, there are a number of dimensions. The first is that at the outset of reform, Deng encouraged millions of Chinese students to go abroad to study. And thus provide a human capital resource that could help develop linkages between China and the rest of the world. And contribute the expertise learned abroad to China's economic development. As I just noted, globalization also provided a very important market for Chinese goods that allowed China to become the factory of the world. In addition, because at the outside of reform China's technological capability was very far from the global frontier. There were many opportunities to transfer technologies from other countries to China and immediately raise productivity and thus contribute to growth. China entered the global system at just the right time when logistics costs were falling. Information, innovations as well were occurring that made it much easier to establish global production chains with many steps. In other words, China could specialize in assembling goods by importing components from other countries, assembling them and then exporting them out to the next stage of the global production chain. In this module we will cover five topics. The first is international trade, focusing on understanding the performance of China in this area. And the policies and institutions that have affected trade outcomes. Next we will talk about how trade has contributed to China's economic development. The third topic is foreign direct investment. We will talk about the benefits and cause of allowing large amounts of FDI into China. And in this part of the module we will also allow you to visit an actual firm in China. In fact two foreign invested firms in Guangdong Province. The last two topics in this module are outbound foreign direct investment from China which has increased rapidly in recent years. And internalization of the Renminbi. These are two very important recent issues that have become quite prominent. And because there is still relatively little research on these topics, we will have interviews and discussions with leading experts to provide greater insight into what is happening in these areas.

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