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China-Asean Economic Relations: Development and Future Challenge.

In: Social Issues

Submitted By vivian629
Words 6269
Pages 26
China-ASEAN Economic Relations: Development And Future Challenge.

Abstract: In recent 15 years, The development of China-ASEAN trade and economic relations has of great significance, not only for both sides but also for the whole East-Asia region. This paper to discuss the latter that is regional implications of 15 years’ development of China-ASEAN trade and economic relations and find the problem and challenge in China-ASEAN trade relations, as well as provide some further consideration for both sides’ trade and economic relations.

Since the economic reforms and open-door policy of1978-79, China's economy has been growing rapidly and more particularly since 1990 when growth has averaged 10% a year. China's external trade has been growing at an even faster rate of 15% a year since 1990, and it has also annually drawing from the lessons of the financial contagion of 1997. Economic links between ASEAN and China through trade, investments and tourism have prospered throughout the 1990s. Perhaps, equally important, China's maintenance of the value of the renminbi (RMB) during the economic crisis of 1997, served as a regional anchor preventing what could possibly have been successive rounds of competitive devaluations. This clearly prevented the crisis from becoming more acute for ASEAN countries and yet this put China’s own exports at risk, as much cheaper goods from the crisis-plagued region competed with Chinese goods. Another important milestone that contributed to the smooth relationship between China and ASEAN is China’s entry into the WTO. China has committed and undertaken a very comprehensive package of market liberalization measures, implemented immediately after its accession to the WTO. China’s accession to the WTO represents a new stage in China’s economic reform and opening to the outside world, i.e. from selective liberalization to...

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