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Structural changes in China's import and implications for the Korean economy

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Frame of Image obal financial crisis hit economies. The causes behind this dramatic decline of China’s imports are numerous, including the slowdown of the global economy, drops in global raw material prices, and increase of import substitution thanks to enhanced industrial structures. But the main underlying cause is that processing trade has decreased as the Chinese government undertook a policy transition from a growth strategy focused on investment and export to one led by Structural Changes in China’s Import and Implications for the Korean Economy 2 domestic demand. In the past, China sought economic development by boosting its processing trade based on its abundant labor power, and implemented various preference policy to attract foreign direct investment (FDI). Backed by these efforts, the annual average increase rate of China’s export and import in 2001-2010 recorded 21.8% and 21.4% respectively, and China served as the ‘World Factory’. However, a rise in negative influences such as the escalation of trade conflicts and deepening environment pollution led the Chinese government to implement a control policy on the processing trade after the mid-2000s, which is why the growth rate of processing imports has gradually slowed down (17.8% in 2001-2010 → 3.7% in 2011-2014). Changes in China’s growth strategy and economic structure are influencing China’s import structure, and Korea, 26% of whose exports depend on China, need to reestablish its export strategy to China by accurately underst


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Title Structural changes in China's import and implications for the Korean economy
Similar Titles
Material Type Article
Author(English)

Lee, Sanghun

Publisher

[Sejong] : Korea Institute for International Economic Policy
Date 2016-02
Journal Title; Vol./Issue KIEP Opinions:
Pages 4
Subject Country China(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KIEP; KDI School
License