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'Economy of China' by Francoise Lemoine

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  1. Introduction
  2. WTO
    1. The attractiveness of the WTO remains strong
    2. The dispute settlement body works
  3. The malfunctioning of the WTO announced the end model?
    1. The Doha round of negotiations
    2. Institutional weaknesses
  4. The WTO does not have the means to ensure effective regulation of trade
  5. Conclusion

Francoise Lemoine is an economist at the CEPII (Centre for Future Studies and International Information), a specialist in emerging economies, and has published numerous studies on China, India and Eastern Europe. In 2006, China was the fourth economy in the world by GDP and the third largest trading power. This country, considered the "world's factory ' and is facing many challenges: the decline of the fractures in society, and the more growth-oriented domestic consumption, reduced its energy consumption, and environmental protection.

From 1953 to 1957 there has been an establishment of a planned economy.
1956: Mao Zedong incorporated the majority of the peasants to the collectivization of land, increase in the industrial production in state control and setting up of the instruments of central planning.
1953 to 1957, the first Five-Year Plan: efforts in investment with respect to the heavy industry and development of trade with communist countries and limited food production.

Industrial development: through demands on the countryside. Organization: planned economy.
-Investments to the development of modern industries and local small businesses.
Ex-controlled areas: to prevent urban unemployment
Food self-sufficiency: with priority given to grain production.
-Opening to the outside world: diplomatic relations with Japan in 1972, with the U.S. in 1978.
Demaoisation-economy in 1978 as Mao Zedong died in1976.

Balance of China in the late 1970's. Progress: Development of heavy industry and strong growth.
Cons: poverty due to the insufficient agricultural production that barely covers the food requirements and population growth engulfing the economic growth.
In the 1980s, China neglects the planned system.
1978 to 1984, the initial phase of reforms: agricultural decollectivization and recovery benefit as a criterion for business management and outward in the pilot regions (e.g,Guangdong).

From 1984 to 1989 a dual economic system existed in which the plan coexists with uncontrolled liberalization, without development of instruments for regulating a market economy. 1989 to 1991, freeze of reforms plus price controls to fight against inflation. 1992: Towards a social market economy with price liberalization plus implementation of a banking system, fiscal and exchange rate regime in 1994 plus entries to the WTO in 2001.

Tags: Eastern Europe, domestic consumption, collectivization of land, investment, agricultural production, banking system

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