Publisher description for Foreign trade and economic reform in China, 1978-1990 / Nicholas R. Lardy.

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Counter This study explores the relationship between China's foreign trade reforms and the domestic economic reforms that undergird China's policy of openness in the 1980s and 1990s. It provides the first comprehensive analysis of how China has emerged since reform began in 1978 as one of the most dynamic trading nations in the world. It examines both the external policy changes, such as the decentralization of trading authority and the devaluation of the domestic currency, and internal economic reforms such as the increased use of markets and prices that underlie that dramatic transformation. The volume argues that China's prereform trade system is best understood as an extreme example of the import substitution trade regime that was common in developing countries in the 1950s. And it explains how trade reforms of the 1980s, particularly the systematic devaluation of the domestic currency and the introduction of limited convertibility, have reduced the bias against exports that was characteristic of the prereform foreign trade and exchange rate system. The volume concludes with an analysis of the sources of China's export growth and outlines further domestic economic reforms that the author believes will be required to sustain China's increasing integration into the world economy. Nicholas Lardy is a professor at the Henry M. Jackson School of International Studies. He is on the editorial board of China Quarterly, China Economic Review and Journal of Comparative Economics and serves as a frequent witness before such Congressional Committees as the Joint Economic Committee and the Senate Foreign Relations Committee. Professor Lardy is the author of several books including Economic Growth and Distribution in China (CUP, 1978).