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China's Opening up after 40 Years: Standing at a Historic Turning Point
Author(s) -
Ju Jiandong,
Yu Xinding
Publication year - 2018
Publication title -
china and world economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.815
H-Index - 28
eISSN - 1749-124X
pISSN - 1671-2234
DOI - 10.1111/cwe.12235
Subject(s) - china , openness to experience , factory (object oriented programming) , foreign direct investment , turning point , world economy , capital (architecture) , renminbi , economy , international trade , economics , geography , political science , period (music) , psychology , social psychology , physics , archaeology , computer science , acoustics , law , macroeconomics , programming language
This paper comprehensively reviews China's openness since 1978 from three aspects: trade, foreign investment and global production sharing. We point out that the economic development of China is now standing at a historic turning point. Specifically, economic changes in China are discussed from four dimensions: (i) from China being a world assembly line to a world manufacturing powerhouse; (ii) from China being a world capital receiver to a world investor; (iii) from China being a world factory to a world market; and (iv) from the situation of “made in China” to “innovated in China.” At the same time, the global economic system has also reached a turning point. A “North America–Europe–Asia” tri‐polar system has formed, in which the USA, Germany and China, respectively, serve as the regional core economies.