A look at chinas developing economy

May 28, Topic:

A look at chinas developing economy

A look at chinas developing economy

This interest reflected the economic clout of the then odd million diaspora Chinese — living mostly in Taiwan, Hong Kong, Macau and Southeast Asia. As such, the diaspora has effectively given China a resource unavailable to any previous rising power. However, this outcome was not pre-ordained.

In the s, China was still a capital-poor country, racked by political battles over the direction of economic reform.

Economy of China - Wikipedia

During these uncertain years, diaspora investors were more persistent than their foreign competitors in China, relying on cultural and ancestral ties to offset political risk.

They also directly shaped the reform debates: They influenced the conception and implementation of special economic zones SEZs. Cumulative inward FDI from to equalled a third of the GDP in the latter year — over half this money came from Hong Kong alone, and over three quarters from East Asia, mostly from diaspora Chinese.

The importance of inbound FDI to China has dropped over the past two decades, with the foreign share of investment falling from 12 percent in to 1 percent in As FDI into China from non-diaspora sources has grown, Hong Kong and Singapore have become intermediary hubs, leveraging their British-derived legal systems and separation from mainland Chinese jurisdiction.

Another factor that is hard to quantify, but which some argue that China seeks to leverage, is the effect on opinion towards China of the high degree of Chinese ancestry in some ASEAN countries, particularly among elites.

Today the diaspora is increasingly augmented by first-generation migrants from the PRC, and China itself is moving towards a more knowledge intensive economy with ever-denser cross-border interactions.

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A look at chinas developing economy

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