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留学生金融学专业论文定制:全球金融危机后中

Overview of China’s Trade Performance after the Global Financial Crisis
The H-O Theorem (Kugman and Obstfield, 2006) concludes that the nation who has a comparative advantage in producing the good which intensively uses factors in which the country is relatively well endowed. It can apply widely in the current trading pattern in China and its developed market counterparts, as cheap labour is 留学生论文定制relatively abundant in China so we could always expect China to export manufacturing products to developed markets. However, this H-O model has its own limitation as its assumption of homogeneous factor of production, identical technology, perfect competition as well as no trade barriers and transport costs would impose a lot of challenges to the practical application of the model. However, the proven mathematical outcome of the H-O model, factor price equalisation theorem reckons that those low wage countries would tend to lead to exportation of labour intensive products therefore employment and wages will increase. This has been witnessed in recent development of Chinese trade performance after the global financial crisis.
More recent theories (Gross man and E. Helpman 1989, and Hausmann, Hwang and Rodrik, 2005) indicate that developing nations would tend to imitate those high technology products used to be produced by developed nations and recent speed that China restructured its export products and upgraded its variety of products have been witnessed. Gereffi (2005) reckons that industrial upgrading is an important process whereby each economic players, either nations, firms or workers, will migrate from low-value to relatively high value activities in the global production value chain. The control over trading activities as well as currency manipulation in contemporary China can also be found in the rise of East Asian miracles i.e. the success of Korea, Taiwan, Hong Kong and China whereby the markets and states played an important role in promoting export-oriented industrialization in these regions (Feenstra and Hamilton, 2006).
Post China’s economic reforms in 1978, international trade has formed a sizable portion of the country’s GDP. China’s exports, as a percentage of its GDP, rose consistently from 8% in 1982 to 38.4% in 2007, while its imports increased from 6.4% to 29.6% over the same period. The last time China recorded a trade deficit was way back in the late 1980s. Since then, China has been recording a trade surplus every year (except in 1993). Chart 1 given below shows the gap between China’s exports and imports (referred to as “Net Exports”), which began widening in the 1990s and reached a peak of 8.8% of the GDP in 2007.
Chart 1: Exports, Imports, as a percentage of GDP

Source: CEIC Database
The cheap labour compensation attributes a lot to China’s export success, along with its manually manipulated devaluation of its currency. The Chart 2 below shows that compensation (% of GDP) in some of China’s major provinces. Compensation of employees in Guangdong, a coastal province well known for its low-labour-cost



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