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China–IndiaPathways of Economic and Social Development$
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Delia Davin and Barbara Harriss-White

Print publication date: 2014

Print ISBN-13: 9780197265673

Published to British Academy Scholarship Online: January 2015

DOI: 10.5871/bacad/9780197265673.001.0001

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The Challenges of China and the International Economy

The Challenges of China and the International Economy

(p.65) 3 The Challenges of China and the International Economy

Peter J. Buckley

British Academy

This paper examines the role of China in the international economy and the changing relationship between the two. China is currently undergoing a transition from investment and export-led growth to an economy more based on consumption expenditure. This involves a major readjustment of the domestic economy and its international relationships. Foreign direct investment which has been a key stimulus to growth and to exports is now being diverted to serving the domestic consumer and is also being encouraged to relocate from the coast regions to Western China. These strategies imply a shift from “made in China” to “created in China” which involves a move from cheap labour intensive production to higher value activities. This must be conducted in the face of a relative slow down in Chinese growth and the effort to correct the imbalances such as income distribution and coastal/inland inequalities. Current turbulence in the global economy notably the Eurozone exacerbates policy difficulties.

Keywords:   global economy, foreign direct investment in China, Chinese outward foreign direct investment, Chinese multinationals, international trade

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