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    in countries such as china, globalization has led to a small middle class. a better standard of living. a large population at the poverty level. a trade agreement with other nations.

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    Global Trade Liberalization and the Developing Countries

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    01/08

    Global Trade Liberalization and the Developing Countries

    By IMF Staff November 2001 Español Français

    Contents

    I.   International Trade and the World Economy

    II.  The Benefits of Trade Liberalization

    III. The Need for Further Liberalization of International Trade

    IV. Reaping the Benefits

    I. International Trade and the World Economy

    Integration into the world economy has proven a powerful means for countries to promote economic growth, development, and poverty reduction. Over the past 20 years, the growth of world trade has averaged 6 percent per year, twice as fast as world output. But trade has been an engine of growth for much longer. Since 1947, when the General Agreement on Tariffs and Trade (GATT) was created, the world trading system has benefited from eight rounds of multilateral trade liberalization, as well as from unilateral and regional liberalization. Indeed, the last of these eight rounds (the so-called "Uruguay Round" completed in 1994) led to the establishment of the World Trade Organization to help administer the growing body of multilateral trade agreements.

    The resulting integration of the world economy has raised living standards around the world. Most developing countries have shared in this prosperity; in some, incomes have risen dramatically. As a group, developing countries have become much more important in world trade—they now account for one-third of world trade, up from about a quarter in the early 1970s. Many developing countries have substantially increased their exports of manufactures and services relative to traditional commodity exports: manufactures have risen to 80 percent of developing country exports. Moreover, trade between developing countries has grown rapidly, with 40 percent of their exports now going to other developing countries.

    However, the progress of integration has been uneven in recent decades. Progress has been very impressive for a number of developing countries in Asia and, to a lesser extent, in Latin America. These countries have become successful because they chose to participate in global trade, helping them to attract the bulk of foreign direct investment in developing countries. This is true of China and India since they embraced trade liberalization and other market-oriented reforms, and also of higher-income countries in Asia—like Korea and Singapore—that were themselves poor up to the 1970s.

    But progress has been less rapid for many other countries, particularly in Africa and the Middle East. The poorest countries have seen their share of world trade decline substantially, and without lowering their own barriers to trade, they risk further marginalization. About 75 developing and transition economies, including virtually all of the least developed countries, fit this description. In contrast to the successful integrators, they depend disproportionately on production and exports of traditional commodities. The reasons for their marginalization are complex, including deep-seated structural problems, weak policy frameworks and institutions, and protection at home and abroad.

    II. The Benefits of Trade Liberalization

    Policies that make an economy open to trade and investment with the rest of the world are needed for sustained economic growth. The evidence on this is clear. No country in recent decades has achieved economic success, in terms of substantial increases in living standards for its people, without being open to the rest of the world. In contrast, trade opening (along with opening to foreign direct investment) has been an important element in the economic success of East Asia, where the average import tariff has fallen from 30 percent to 10 percent over the past 20 years.

    Opening up their economies to the global economy has been essential in enabling many developing countries to develop competitive advantages in the manufacture of certain products. In these countries, defined by the World Bank as the "new globalizers," the number of people in absolute poverty declined by over 120 million (14 percent) between 1993 and 1998.1

    There is considerable evidence that more outward-oriented countries tend consistently to grow faster than ones that are inward-looking.2 Indeed, one finding is that the benefits of trade liberalization can exceed the costs by more than a factor of 10.3 Countries that have opened their economies in recent years, including India, Vietnam, and Uganda, have experienced faster growth and more poverty reduction.4 On average, those developing countries that lowered tariffs sharply in the 1980s grew more quickly in the 1990s than those that did not.5

    Freeing trade frequently benefits the poor especially. Developing countries can ill-afford the large implicit subsidies, often channeled to narrow privileged interests, that trade protection provides. Moreover, the increased growth that results from freer trade itself tends to increase the incomes of the poor in roughly the same proportion as those of the population as a whole.6 New jobs are created for unskilled workers, raising them into the middle class. Overall, inequality among countries has been on the decline since 1990, reflecting more rapid economic growth in developing countries, in part the result of trade liberalization.7

    Source : www.imf.org

    China and the World in the New Era

    China and the World in the New Era

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    China and the World in the New Era

    2019/10/01

    China and the World in the New Era

    The State Council Information Office of

    the People’s Republic of China

    September 2019

    Contents

    Preface

    I. China Has Found a Development Path Suited to Its Actual Conditions

    II. China’s Development Is an Opportunity for the World

    III. A Prosperous and Beautiful World Is the Common Aspiration of All Peoples

    IV. China Contributes to a Better World

    Conclusion Preface

    The year 2019 marks the 70th anniversary of the founding of the People’s Republic of China (PRC).

    Over the past 70 years, under the leadership of the Communist Party of China (CPC), the PRC has witnessed profound changes and achieved a miracle of development unprecedented in human history. In just a few decades, China has completed a course that took developed countries several hundred years. China has now become the world’s second largest economy, taken care of the material needs of its nearly 1.4 billion people, and achieved moderate all-round prosperity. Its people enjoy dignity and rights previously unknown to them. This has brought tremendous change to China. It also represents remarkable progress for human society, and above all, a significant contribution on China’s part to world peace and development.

    China remains the world’s largest developing country, with a large population and foundations that need to be further strengthened. Some of the fundamentals in China remain unchanged, and therefore China is still facing a raft of severe challenges. The Chinese people still have work to do.

    Today’s world is undergoing a level of profound change that has not been seen in a hundred years. Human society is full of both hope and challenges. Multipolarity, economic globalization, cultural diversity and information technology are extending their reach. Peace and development remain the themes of the times. At the same time, deep-seated problems are apparent throughout the world, with increasing instability and uncertainties. Building a global community of shared future and building a better world are the common aspirations of all peoples.

    China has entered a new era of development. China now has an impact on the world that is ever more comprehensive, profound and long-lasting, and the world is paying ever greater attention to China. What path did China take? Where is China going? What are China’s goals in shaping the world? How will the developing China interact with the rest of the world? On the occasion of this 70th anniversary of the founding of the PRC, the Chinese government is publishing this white paper to respond to the world’s questions about China, and to help the international community better understand China’s development.

    I. China Has Found a Development Path

    Suited to Its Actual Conditions

    China is a large country with a 5,000-year-old civilization. Over a long period of history, it ranked among the most advanced countries in the world. In modern times, China was reduced to poverty and weakness, threatened by domestic strife and foreign aggression, and even confronted with complete demise. Through unrelenting struggle, the Chinese dream of prosperity and rejuvenation for their country, and happiness for the people. In 1949, under the CPC’s leadership, they founded the PRC, turning a semi-colonial and semi-feudal society into a completely new one, and achieving national independence and the liberation of the people. China then entered a new epoch of development. Over the past 70 years it has been moving forward against all odds, and exploring its path to development. Based on the 5,000-year-old Chinese culture, the experience and lessons from the birth of socialism, the fall-to-rise turnaround of the Chinese nation in 170 years, and the history of revolution, construction and reform, the Chinese people have opened up the path of socialism with Chinese characteristics, and achieved remarkable outcomes.

    1. China’s development lies in self-reliance and hard work

    In the early days of the PRC, following a century of war and chaos, the country and the people were in dire poverty, the industrial and agricultural foundations were weak, and the economy was on the verge of collapse. The people faced unimaginable difficulties in seeking survival and development. Over the seven decades that followed, through self-reliance and hard work they rebuilt the country from nothing, and have opened up new horizons.

    Source : www.mfa.gov.cn

    Economic Globalization Flashcards

    Start studying Economic Globalization. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

    Economic Globalization

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    Globalization has affected developed countries by

    encouraging new products.

    providing a solid consumer base.

    turning their focus to providing services.

    increasing employment for unskilled workers.

    Click card to see definition 👆

    turning their focus to providing services.

    Click again to see term 👆

    The graph shows US Oil Import Prices from 1995 to 2010.

    A line graph titled U S Oil import prices, 1995 to 2010, is shown. The x axis shows years, from 1995 to 2010, and the y axis shows price per barrel, from 0 to 120 dollars. The line starts at 16 in 1995, to 12 in 1998, 20 in 2001, 40 in 2004, peaking at 96 in late 2007, to 76 in 2010.

    What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?

    a global recession

    scarcity of petroleum

    a large population growth

    demand from developing countries

    Click card to see definition 👆

    demand from developing countries

    Click again to see term 👆

    1/10 Created by elizabeth_giroux

    Terms in this set (10)

    Globalization has affected developed countries by

    encouraging new products.

    providing a solid consumer base.

    turning their focus to providing services.

    increasing employment for unskilled workers.

    turning their focus to providing services.

    The graph shows US Oil Import Prices from 1995 to 2010.

    A line graph titled U S Oil import prices, 1995 to 2010, is shown. The x axis shows years, from 1995 to 2010, and the y axis shows price per barrel, from 0 to 120 dollars. The line starts at 16 in 1995, to 12 in 1998, 20 in 2001, 40 in 2004, peaking at 96 in late 2007, to 76 in 2010.

    What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?

    a global recession

    scarcity of petroleum

    a large population growth

    demand from developing countries

    demand from developing countries

    In countries such as China, globalization has led to

    a small middle class.

    a better standard of living.

    a large population at the poverty level.

    a trade agreement with other nations.

    a better standard of living.

    Globalization has led nations to join trade organizations in order to

    be able to compete better.

    regulate the supply of products.

    respond better to global trends.

    monitor the global economy.

    be able to compete better.

    Why do companies choose to outsource work?

    to increase profits to improve products

    to cut transportation costs

    to develop local resources

    to increase profits

    What are the purposes of international economic organizations? Check all that apply.

    to resolve trade disputes

    to observe the global economy

    to promote fair and successful trade

    to solve the problems of various countries

    to encourage trade in developing countries

    to resolve trade disputes

    to promote fair and successful trade

    to encourage trade in developing countries

    How did joining NAFTA affect the Mexican economy?

    It had little effect on the economy.

    It caused the economy to decline.

    It stopped all economic downturns.

    It helped improve the economy.

    It helped improve the economy.

    The graph below shows global trade and percentage of GDP.

    A bar graph titled Global Trade, percent of G D P is shown. The x axis shows years and the y axis shows percent of G D P, from 0 to 100. 1980, 40; 1990, 40; 2000, 48; 2011, 59.

    What conclusion should be drawn from the graph?

    Trade has minimal impact on GDP.

    Trade increased between 1980 and 1990.

    Trade between nations declined between 1990 and 2000.

    Trade increases create higher GDP percentage rates.

    Trade increases create higher GDP percentage rates.

    Globalization has the largest effect on

    employment. businesses. economies. transportation. economies.

    The graph shows US trade with Mexico.

    A bar graph showing imports from Mexico and exports to Mexico. The x axis shows years, from 1985 to 2010, and the y axis shows billions of U S Dollars, from 0 to 250. Imports from Mexico: 1985, 20; 1990, 30; 1995, 60; 2000, 140; 2005, 170; 2010, 270. Exports to Mexico: 1985, 15; 1990, 30; 1995, 50; 2000, 115; 2005, 120; 2010, 140.

    In what years did US exports to Mexico remain approximately the same?

    1990-1995 1995-2000 2000-2005 2005-2010 2005-2010

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