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Erschienen in:
The Chinese Birdcage Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

3. China as the World’s Factory

verfasst von : Heleen Mees

Erschienen in: The Chinese Birdcage

Verlag: Palgrave Macmillan US

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Abstract

Within a year of China’s accession to the World Trade Organization, the World Bank published an article under the headline “China Is Becoming the World’s Manufacturing Powerhouse.” Manufacturers ranging from General Electric to Samsung found out that it was often more profitable—and almost always far easier—to use China as an export base than selling goods inside the world’s most populous nation. Because of the combination of minuscule wages and the central planner’s deft hand, China in no time became the world's factory. China also began to build up massive foreign reserves, initially seen as a response to the 1997 Asian financial crisis but soon deemed excessive and looked upon conspicuously in the West.

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Vorheriges Kapitel Western Triumphalism
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Fußnoten
1
The World Bank Transition Newsletter, Vol. 13, No. 6, October–November–December 2002.
 
2
Report Wal-Mart Imports from China, Exports Ohio Jobs, 2004.
 
3
In terms of purchasing power parity (PPP), living standards in China in 1980 compared even worse with the USA, but only slightly so.
 
4
According to Orville Schell (1984), many Chinese had television sets by the early 1980s.
 
5
International Monetary Fund, WEO Database, October 2015.
 
6
Shaohua Chen and Martin Ravallion, “China is Poorer than we Thought, But No Less Successful in the Fight against Poverty,” World Bank, Policy Research Working Paper No. 4621, May 2008.
 
7
China Statistical Yearbook, multiple years.
 
8
OECD, Urban Policy Reviews: China 2015.
 
9
United Nations, World Urbanization Prospects: The 2014 Revision, July 2014.
 
10
In China, skyscrapers do not coexist with shanty towns, mainly thanks to the hukou (or household registration) system that regulates domestic migrant flows.
 
11
By 2015, China had all but eradicated urban poverty (preview of China Household Income Project 2016).
 
12
Dani Rodrik, “What’s So Special about China’s Exports?,” NBER Working Paper No. 11947, 2006.
 
13
Id.
 
14
“Suicides at Foxconn – Light and death,” The Economist, May 27, 2010.
 
15
Not adjusted for inflation. International Monetary Fund, WEO Database, October 2015.
 
16
Foreign exchange reserves officially only include foreign banknotes, foreign bank deposits, foreign treasury bills, and short- and long-term foreign government securities. However, often gold and SDRs are included as well.
 
17
China State Administration of Foreign Exchange (SAFE).
 
18
Onno Wijnholds and Lars Søndergaard, “Reserve Accumulation – Objective or By-Product?” European Central Bank Occasional Paper Series No. 73/September 2007.
 
19
“Hot and hidden,” The Economist, January 16, 2014.
 
20
China also purchases US debt through financial centers like those in the U.K. and Hong Kong. Therefore the monthly data consequently understate China’s true purchases of US treasuries.
 
21
In a speech to the Peterson Institute for International Economics, Larry Summers in 2004 dubbed China’s massive holdings of US Treasuries and agencies’ bonds a “financial balance of terror.”
 
22
In June 2014, China’s foreign exchange reserves reached a peak of $4 trillion or a quarter of the world’s foreign reserves and a quarter of US GDP (World Bank).
 
23
Jiangyu Wang, “The Political Logic of Corporate Governance in China’s State-owned Enterprises,” Cornell International Law Journal, 631, 2014.
 
24
US regulators since then have blocked Huawei from two other acquisitions in the USA, and forced it to unravel its purchase of a defunct California cloud computing company.
 
25
Willem H. Buiter, “Taming Sovereign Wealth Funds in,” The Financial Times, July 22, 2007.
 
26
“Overseas Investors Buy Aggressively in USA.,” The New York Times, January 20, 2008.
 
27
The others are the Hong Kong’s SAFE Investment Company, the Hong Kong Exchange Fund, and the China’s National Social Security Fund.
 
28
As of the end of June 2015, China’s gold reserves were 1,658 tonnes (53.31 million fine troy ounces) according to the PBoC, ranking fifth in the world.
 
Metadaten
Titel
China as the World’s Factory
verfasst von
Heleen Mees
Copyright-Jahr
2016
Buch
The Chinese Birdcage

Print ISBN: 978-1-137-58888-3

Electronic ISBN: 978-1-137-58886-9

Copyright-Jahr: 2016

DOI
https://doi.org/10.1057/978-1-137-58886-9_3