Japan and China in the World Political Economy
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Politics in Asia series )RUPHUO\HGLWHGE\0LFKDHO/HLIHU London School of Economics
ASEAN and the Security of SouthEast Asia Michael Leifer
Communitarian Ideology and Democracy in Singapore Beng-Huat Chua
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The Challenge of Democracy in Nepal Louise Brown
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Japan’s Asia Policy Wolf Mendl The International Politics of the $VLD3DFLÀF ² Michael Yahuda Political Change in Southeast Asia 7ULPPLQJWKHEDQ\DQWUHH Michael R. J. Vatikiotis Hong Kong &KLQD·VFKDOOHQJH Michael Yahuda Korea Versus Korea $FDVHRIFRQWHVWHGOHJLWLPDF\ B. K. Gills Taiwan and Chinese Nationalism 1DWLRQDOLGHQWLW\DQGVWDWXVLQ LQWHUQDWLRQDOVRFLHW\ Christopher Hughes
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Constructing a Security Community in Southeast Asia $6($1DQGWKHSUREOHPRIUHJLRQDO order Amitav Acharya Monarchy in South East Asia 7KHIDFHVRIWUDGLWLRQLQWUDQVLWLRQ Roger Kershaw Korea After the Crash 7KHSROLWLFVRIHFRQRPLFUHFRYHU\ Brian Bridges The Future of North Korea Edited by Tsuneo Akaha The International Relations of Japan and South East Asia )RUJLQJDQHZUHJLRQDOLVP Sueo Sudo
Indonesia and China 7KHSROLWLFVRIDWURXEOHGUHODWLRQVKLS Rizal Sukma
Power and Change in Central Asia Edited by Sally N. Cummings
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The Politics of Human Rights in Southeast Asia Philip Eldridge
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Singapore Politics under the People’s Action Party Diane K. Mauzy and R. S. Milne 0HGLDDQG3ROLWLFVLQ3DFLÀF$VLD Duncan McCargo Japanese Governance %H\RQG-DSDQ,QF Edited by Jennifer Amyx and Peter Drysdale
iv China and the Internet 3ROLWLFVRIWKHGLJLWDOOHDSIRUZDUG Edited by Christopher R. Hughes and Gudrun Wacker Challenging Authoritarianism in Southeast Asia &RPSDULQJ,QGRQHVLDDQG0DOD\VLD Edited by Ariel Heryanto and Sumit K. Mandal Cooperative Security and the Balance of Power in ASEAN and the ARF Ralf Emmers Islam in Indonesian Foreign Policy Rizal Sukma 0HGLD:DUDQG7HUURULVP 5HVSRQVHVIURPWKH0LGGOH(DVWDQG Asia Edited by Peter Van der Veer and Shoma Munshi &KLQD$UPV&RQWURODQG Nonproliferation Wendy Frieman Communitarian Politics in Asia Edited by Chua Beng Huat (DVW7LPRU$XVWUDOLDDQG5HJLRQDO Order ,QWHUYHQWLRQDQGLWVDIWHUPDWKLQ 6RXWKHDVW$VLD James Cotton 'RPHVWLF3ROLWLFV,QWHUQDWLRQDO Bargaining and China’s Territorial Disputes Chien-peng Chung
Democratic Development in East Asia Becky Shelley International Politics of the Asia3DFLÀFVLQFH Michael Yahuda Asian States %H\RQGWKHGHYHORSPHQWDOSHUVSHFWLYH Edited by Richard Boyd and Tak-Wing Ngo &LYLO/LIH*OREDOL]DWLRQDQG Political Change in Asia 2UJDQL]LQJEHWZHHQIDPLO\DQGVWDWH Edited by Robert P. Weller Realism and Interdependence in Singapore’s Foreign Policy Narayanan Ganesan Party Politics in Taiwan 3DUW\FKDQJHDQGWKHGHPRFUDWLF HYROXWLRQRI7DLZDQ ² Dafydd Fell State Terrorism and Political Identity in Indonesia )DWDOO\EHORQJLQJ Ariel Heryanto &KLQD·V5LVH7DLZDQ·V'LOHPPDV and International Peace Edited by Edward Friedman Japan and China in the World Political Economy Edited by Saadia M. Pekkanen and Kellee S. Tsai
Japan and China in the World Political Economy
Edited by Saadia M. Pekkhanen and Kellee S. Tsai Foreword by Ezra F. Vogel
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For Robert and Sophia; and for Davis and Felix
Contents
List of illustrations Contributors List of abbreviations Acknowledgments
[i [iii [YLi [[L
Foreword: patterns of late development and the origins of
late liberalization
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,QWURGXFWLRQ: late liberalizers: comparative perspectives on Japan
and China
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DEVELOPMENT
2
Revisiting the Japanese economic model
7-3(03(/
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Developmental dilemmas in China: socialist transition and late liberalization
.(//((676$,$1'6$5$+&22.
TRADE
The legal evolution of Japan’s trade liberalization politics
6$$',$03(..$1(N
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[ Contents INVESTMENT
6
From iron doors to paper screens: the Japanese state and multinational investment
0,5(<$62/,6
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A catch-up strategy? China’s policy toward foreign direct investment
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FINANCE
8
-DSDQ·VÀQDQFLDOSROLWLFs: institutional challenges toward and against liberalization
6$25,1.$7$'A
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TECHNOLOGY
Japan’s technology policies and their limitations
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Chinese technonationalism: autonomy and security in the world economy
$'$06(*$/
References Index
Illustrations
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Tables
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Contributors
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Concluding remarks $VWKHHGLWRUVWRWKLVYROXPHKLJKOLJKWLQWKHLULQWURGXFWRU\FKDSWHUWKHFHQWUDOL]HG VWUXFWXUHWKDWODWHGHYHORSHUVOLNH&KLQDDQG-DSDQHUHFWHGKLVWRULFDOO\WRFDWFKXS ZLWKDGYDQFHGFRXQWULHVLVQRZEHLQJDOWHUHGWRSURYLGHWKHÁH[LELOLW\WRDGDSWWR WKHPRUHFRPSOH[HFRQRP\DQGWKHOLQNVZLWKWKHJOREDOL]HGHFRQRPLHV:KLOH WKHSURFHVVRISXWWLQJLQSODFHLQVWLWXWLRQVIRUODWHGHYHORSPHQWKDVEHHQVWXGLHG WKHUHLVOLWWOHLQIRUPDWLRQDERXWKRZDQGLQZKDWZD\VVWDWHVLQWKHVHHFRQRPLHV KDYHDGDSWHGWRWKHSUHVVXUHVIRUODWHOLEHUDOL]DWLRQLQWKHWZHQW\ÀUVWFHQWXU\ :KDWFKDOOHQJHVDUHWKHWZRVWDWHVIDFHGZLWK":KDWKDYHWKH\GRQHWRDGDSW" :KDWDFWRUVDQGVWUXFWXUHVDUHFHQWUDOWRGD\LQWKLVDGDSWLYHSURFHVV"&KLQDZLWK LWVVRFLDOLVWVWUXFWXUHKDVRQHVHWRILQVWLWXWLRQVWRPRGLI\EXWLWKDVDVWURQJFHQWUDO
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Late liberalizers &RPSDUDWLYHSHUVSHFWLYHVRQ-DSDQ DQG&KLQD Saadia M. Pekkanen and Kellee S. Tsai
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Trade
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Investment
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Technology
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Directed credit to strategic sectors
Political capacity to resist popular pressure
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Rapid average annual GDP growtha ² ² ² ² ² ²
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1952
1978
2002
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1950 QD
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6RXUFH China Statistical Yearbook Note D ,QFOXGHVHQWHUSULVHVZLWKIXQGVIURP+RQJ.RQJ0DFDRDQG7DLZDQ
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Export liberalization cases involving Japan as complainant
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Import liberalization cases involving Japan as defendant
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2XWÁRZ ,QÁRZ (%) (US$m)
,QÁRZ (%)
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2XWÁRZ (%)
Machinery
Chemical
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625,625
2XWÁRZ (US$m)
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Realized value (US$m)
Growth rate QD QD ²
6RXUFH &KLQD6WDWH6WDWLVWLFDO%XUHDXChina Foreign Economic Statistical Yearbook S Note QDQRWDYDLODEOH
DERXWWZRWKLUGVRI)',LQ&KLQD7KHUDSLGJURZWKRI)',LQ&KLQDFDQWKXVEH VHHQDVSDUWRIWKHRQJRLQJSKHQRPHQRQRIUHJLRQDOHFRQRPLFUHVWUXFWXULQJLQ(DVW $VLD,WKDVORQJEHHQUHFRJQL]HGWKDWWKHUHDUHWZRPDLQW\SHVRI)',LQ&KLQD 2QHLVIURP(DVW$VLDQ1,&VVHDUFKLQJIRUFKHDSHUSURGXFWLRQFRVWVIRUODERU LQWHQVLYH H[SRUWV 7KH RWKHU LV IURP DGYDQFHG FRXQWULHV DWWUDFWHG E\ WKH KXJH SRWHQWLDORI&KLQD·VGRPHVWLFPDUNHW7KHSDWWHUQKHUHVKRZVWKDWWKHPDMRULW\ RIWKH)',LQÁRZVWR&KLQDDLPHGDWVHHNLQJORZHUSULFHVIRUH[SRUWSURGXFWLRQ $V ZH ZLOO GLVFXVV LQ PRUH GHWDLO ODWHU PRVW RI WKLV )', ZDV FRQFHQWUDWHG LQ PDQXIDFWXULQJVHFWRUVLQFRDVWDO&KLQD
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1992
1993
1994
1995
1996
1997
Total
1,920,233
3,895,972
4,321,284
4,813,269
4,174,548
4,527,701
6RXUFH &KLQD6WDWH6WDWLVWLFDO%XUHDXChinese Statistical Yearbook SS²DQGSS²
QDWXUHRIFHQWUDO²ORFDOUHODWLRQVLQ&KLQD·VSROLWLFDOV\VWHPLVDFHQWUDOIDFWRULQ GHWHUPLQLQJWKHSDWWHUQRILQYHVWPHQWOLEHUDOL]DWLRQ The evolution of the Chinese national government’s policy toward FDI 7KHHYROXWLRQRI&KLQD·VQDWLRQDOUHJXODWRU\IUDPHZRUNWRZDUG)',FDQJHQHUDOO\ EHGLYLGHGLQWRIRXUSKDVHV(DFKSKDVHVWDUWHGZLWKWKHSURPXOJDWLRQRIDQHZ ODZRUDJUHHPHQWWKDWXQGHUSLQQHGWKHUHJXODWRU\IUDPHZRUNIRUWKHQH[WVHYHUDO \HDUV 7KHÀUVWSKDVH ² VWDUWHGZLWKWKHSURPXOJDWLRQRIWKH-RLQW9HQWXUH /DZ -9/ LQPLG $VWKHÀUVWIRUPDOVWDWHPHQWRIWKH&KLQHVHJRYHUQPHQW·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ÁH[LEOH LQWHUSUHWDWLRQ DQG SROLF\ H[SHULPHQWV WR DEVRUE )', LQ D WUDQVLWLRQDO HFRQRP\ +RZHYHUWKHDPELJXLW\WRJHWKHUZLWKWKHSROLF\XQFHUWDLQW\LQWKHEURDGHUSROLF\ FRQWH[WLQWKLVHDUO\VWDJHRIHFRQRPLFWUDQVLWLRQUHVXOWHGLQDYHU\PRGHVWJURZWK RI)',$VVKRZQLQ7DEOHWKHUHDOL]HGYDOXHRI)',IURP WR ZDV RQO\86PLOOLRQ 7KHPRGHVWJURZWKRI)',DWWKHQDWLRQDOOHYHODQGWKHFRQFHQWUDWLRQRI)',LQ WKHIRXU6(=VSURPSWHG&KLQD·VFHQWUDOSROLF\PDNHUVWRHQODUJHWKHJHRJUDSKLFDODUHDVRSHQWRIRUHLJQLQYHVWPHQW7KXV&KLQD·V)',SROLF\HQWHUHGWKHVHFRQG SKDVHLQ ZLWKWKHDQQRXQFHPHQWRIWKH&KLQHVHFHQWUDOJRYHUQPHQW·VGHFLVLRQWRRSHQDQRWKHUIRXUWHHQFRDVWDOFLWLHVWRIRUHLJQLQYHVWPHQW7KLVVWDJHZDV FKDUDFWHUL]HGE\WKHJHRJUDSKLFDOH[SDQVLRQRIVSHFLDOLQYHVWPHQWDUHDV,WVWDUWHG
A catch-up strategy?
1998
1999
2000
2001
2002 Total
%
4,546,275
4,031,871
4,071,481
4,687,759
5,274,286 46,264,679
100.00
ZLWKIRXUWHHQFLWLHVH[SDQGHGWRWKH
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Tao Table 7.4 7KHJHRJUDSKLFDOGLVWULEXWLRQRI)',LQ&KLQD ² 86 Province *XDQJGRQJ -LDQJVX )XMLDQ 6KDQJKDL 6KDQGRQJ 7LDQMLQ /LDRQLQ =KHMLDQJ %HLMLQJ +DLQDQ 6XEWRWDO
1992
1993
1994
1995
1996
1997
Total
1,920,233
3,895,972
4,321,284
4,813,269
4,172,552
4,525,704
6RXUFH &KLQHVH1DWLRQDO%XUHDXRI6WDWLVWLFVChinese Statistical Yearbook SDQGS
HFRQRPLFUHVWUXFWXULQJLQWKHUHJLRQEXWDOVRUHÁHFWHGWKHFKDUDFWHULVWLFVRIWKH LQYHVWPHQWHQYLURQPHQWLQ&KLQD )RU IRUHLJQ LQYHVWRUV DIWHU WKH EDVLF FRQVLGHUDWLRQ RI PDUNHWV DQG FRVWV XQFHUWDLQW\DERXWIXWXUHEHQHÀWVDQGFRVWVLVSUREDEO\WKHPRVWLPSRUWDQWIDFWRU GHWHUPLQLQJWKHLUFKRLFHRIORFDWLRQ7KXVSDWWHUQVRI)',ÁRZVUHÁHFWQRWRQO\ WKHGLVWULEXWLRQRIPDUNHWVDQGFRVWVLQGLIIHUHQWORFDWLRQVEXWDOVRWKHGLVWULEXWLRQ RI XQFHUWDLQWLHV 7KH KXJH GRPHVWLF PDUNHW LQ &KLQD FDQQRW H[SODLQ ZK\ WKHPDMRULW\RI)',LVH[SRUWRULHQWHG&KLQDVKRXOGKDYHDWWUDFWHGPRUHLPSRUW VXEVWLWXWLQJ)',UDWKHUWKDQH[SRUWRULHQWHG)',7KXVLWLVFRPPRQO\DUJXHG WKDW&KLQD·VKXJHDPRXQWRIODERULQWHQVLYHH[SRUWLQJ)',VKRXOGEHDWWULEXWHGWR LWVUHODWLYHO\FKHDSHUSURGXFWLRQIDFWRUVLHODERUDQGODQG
A catch-up strategy?
1998
1999
2000
2001
2002 Total
%
4,546,275
4,031,871
4,033,289
4,636,700
5,247,126 46,144,275
100.00
DQGWD[DWLRQDQGQHJOLJLEOHSURWHFWLRQRISURSHUW\ULJKWVDQGLQWHOOHFWXDOSURSHUW\ ULJKWV+RZHYHUH[SRUWPDQXIDFWXUHUVIURPWKH(DVW$VLDQ1,&VDQGHVSHFLDOO\ WKRVH IURP HWKQLF &KLQHVH FRPPXQLWLHV KDYH SURYHG WR EH HVSHFLDOO\ FDSDEOH DWRYHUFRPLQJWKHVHGLVDGYDQWDJHV8QOLNH:HVWHUQ01&VZKLFKSURWHFWWKHLU LQYHVWPHQWWKURXJKH[KDXVWLYHFRQWUDFWVVPDOO(DVW$VLDQFRPSDQLHVKDYHEHHQ DEOHWRUHGXFHWKHSROLF\XQFHUWDLQW\RIWKH&KLQHVHFHQWUDOJRYHUQPHQWWKURXJK QHJRWLDWLQJ LQIRUPDO DUUDQJHPHQWV ZLWK ORFDO RIÀFLDOV 1DXJKWRQ $V D UHVXOWWKH´HQFODYHDSSURDFKµIRUJHGE\FRPSHWLWLRQDPRQJ&KLQHVHORFDOJRYHUQPHQWV IRU IRUHLJQ LQYHVWPHQW SURGXFHG )', LQÁRZV WKDW DUH KLJKO\ VNHZHG WRZDUGVPDOOODERULQWHQVLYHH[SRUWRULHQWHG)',IURPWKH(DVW$VLDQ1,&V
FDI-led growth as a catch-up strategy? )',·VFRQWULEXWLRQWR&KLQD·VHFRQRPLFJURZWKLQWKHODVWWZHQW\\HDUVKDVEHHQ FRQVLGHUDEOH7DEOHVDQGVKRZWKDWPDQXIDFWXULQJKDVFRQVLVWHQWO\EHHQ WKHPDMRUVHFWRUDWWUDFWLQJIRUHLJQLQYHVWPHQW%\WKHODWH VPDQXIDFWXULQJ DFFRXQWHGIRUSHUFHQWRIWRWDOLQYHVWPHQW7KHVHLQYHVWPHQWVZHUHPRVWO\LQ ODERULQWHQVLYHVHFWRUVWKXVFUHDWLQJQXPHURXVMRERSSRUWXQLWLHVDQGDEVRUELQJ WKHUHGXQGDQWODERUIRUFHRIWKHWUDQVLWLRQDOHFRQRP\ 7DEOHVKRZVWKDW)',·VFRQWULEXWLRQWR&KLQD·VH[SRUWJUHZIURPRQO\ SHUFHQWLQ WRPRUHWKDQSHUFHQWLQDQG7KLVRIIHUVDGGLWLRQDO HYLGHQFHWKDWPRVWRIWKH)',LQÁRZVWR&KLQDZHUHH[SRUWRULHQWHG1RQHWKHOHVV DVDOVRVKRZQLQ7DEOH)',·VFRQWULEXWLRQWR&KLQHVHLPSRUWVZDVHYHQELJJHU7KLVLVEHFDXVHPRVWRIWKH)',·VH[SRUWVWRRNWKHIRUPRILPSRUWSURFHVVLQJ ZLWKYHU\OLPLWHGGRPHVWLFYDOXHDGGHG$VDUHVXOWWKHQHWFRQWULEXWLRQRI)', WR&KLQD·VIRUHLJQWUDGHZDVQHJDWLYHUDWKHUWKDQSRVLWLYHWKURXJKRXWWKHUHIRUP HUD 7KXV IDU )', LQ &KLQD VHHPV WR EH PRUH LPSRUWLQGXFLQJ WKDQ LPSRUWVXEVWLWXWLQJ 0RVW RI WKH H[SRUWRULHQWHG )', LV LQYROYHG RQO\ LQ ORZ YDOXHDGGHG SURFHVVLQJRILPSRUWHGUDZPDWHULDOVDQGLQWHUPHGLDWHJRRGV7KHGHJUHHRILQWH-
1993
1994 QD
1996
1995
Note QDQRWDYDLODEOH
1998
1997
6RXUFHV &KLQD6WDWH6WDWLVWLFDO%XUHDXChinese Statistical YearbookSDQGS
$JULFXOWXUHIRUHVWU\ ÀVKHU\DQGZDWHU FRQVHUYDQF\ 0LQLQJDQGTXDUU\LQJ 0DQXIDFWXULQJ ,QGXVWU\ Infrastructure, of which: (OHFWULFLW\DQGZDWHU provision &RQVWUXFWLRQ Services, of which Transport and WHOHFRPPXQLFDWLRQV &RPPHUFHPDUNHWLQJ DQGFDWHULQJ 5HDOHVWDWH 6RFLDOVHUYLFHV +HDOWKDQGZHOIDUH LQGXVWU\ (GXFDWLRQFXOWXUHDQG PHGLD 2WKHU
Total
Table 7.5 7KHVHFWRUDOGLVWULEXWLRQRI)',LQ&KLQD ² 86
1999
2000
2001 2002
Note QDQRWDYDLODEOH
6RXUFH 7DEOH
Sector $JULFXOWXUH 0LQLQJ 0DQXIDFWXULQJ ,QGXVWU\ ,QIUDVWUXFWXUH 6HUYLFHV 2WKHU
1993 QD QD
1995 QD QD
1996 QD QD
1997 QD
Table 7.6 7KHVHFWRUDOGLVWULEXWLRQRI)',LQ&KLQD ² 1998 QD
1999 QD
2000 QD
2001 QD
2002 QD
Total exports (1)
FDI exports (2)
(1)/(2)
Total imports (3)
6RXUFH &KLQD6WDWH6WDWLVWLFDO%XUHDXChinese Foreign Economic Yearbook SS²
Year
Table 7.7 7KHUROHRI)',LQ&KLQD·VWUDGH ² 86PLOOLRQ FDI imports (4)
(3)/(4)
Trade contribution ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
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Historical survey from the convoy system to “soft” laissez-faire The era of high growth (1950 to 1960s) -DSDQ H[SHULHQFHG HFRQRPLF UHFRYHU\ DQG JURZWK IURP WKH V WKURXJK WKH VGXULQJZKLFKWLPHWKHFRXQWU\·VJURVVQDWLRQDOSURGXFW *13 JUHZDWDQ DYHUDJHUDWHRISHUFHQWSHU\HDU7KLVHFRQRPLFPLUDFOHZDVSDUWLDOO\VXSSRUWHG E\-DSDQ·VXQLTXHÀQDQFLDODUUDQJHPHQWZKLFKFKDQQHOHGPXFKQHHGHGFDSLWDOWR VWUDWHJLFLQGXVWULHV7KLVDUUDQJHPHQWLVEHVWVXPPDUL]HGE\VL[FKDUDFWHULVWLFV )LUVWWKHUHZDVWKHSUHGRPLQDQFHRILQGLUHFWÀQDQFLQJZKLFKPDGHEDQNORDQVWKH SULQFLSDOIRUPRIFRUSRUDWHÀQDQFH6HFRQGWKHJRYHUQPHQWFRQWUROOHGGRPHVWLF LQWHUHVWUDWHV7KLUGH[FKDQJHFRQWUROVSUHYHQWHGLQWHUQDWLRQDODUELWUDJH)RXUWK WKHUHZDVDQLPEDODQFHRIOLTXLGLW\EHWZHHQFLW\EDQNV DGR]HQRUVRODUJHUHWDLO FRPPHUFLDOEDQNV DQGRWKHUHOHPHQWVRIWKHÀQDQFLDOV\VWHP)LIWKWKHUHZHUH RYHUORDQVIURPWKH%DQNRI-DSDQWRWKHFLW\EDQNVWRFRYHUDSDUWRIWKHLUIXQGV VKRUWDJH$QG ÀQDOO\ VL[WK WKHUH ZDV D ELIXUFDWHG V\VWHP RI SULYDWH ÀQDQFLDO LQWHUPHGLDULHVZLWKFLW\EDQNVOHQGLQJWRODUJHFRUSRUDWLRQV XVXDOO\ZLWKLQWKHLU keiretsu DQGORFDOEDQNVWRVPDOOVFDOHLQGXVWU\ ,QWKLVV\VWHPWKHFRXQWU\·VUHJXODWRU\FRQVWUDLQWVPDGHLWYHU\GLIÀFXOWIRU -DSDQHVH ÀUPV WR GR DQ\WKLQJ HOVH EXW WR ERUURZ KHDYLO\ IURP -DSDQHVH EDQNV ² WKH RXWFRPHLQWHQGHG E\ WKH -DSDQHVH JRYHUQPHQW$OPRVW KDOI RI WKH HQWLUH IXQGVRI-DSDQHVHFRUSRUDWLRQVFDPHLQWKHIRUPRIEDQNORDQV ² LQFRPSDULVRQZLWKSHUFHQWLQ)UDQFHDQGSHUFHQWLQWKH8QLWHG6WDWHVGXULQJ WKHVDPHSHULRG &DOGHU 'HVSLWHWKHWLJKWVXSSO\RIFDSLWDOGXULQJWKLV KLJKJURZWKHUD-DSDQHVHEDQNVLQFROODERUDWLRQZLWKWKH02)DQGJRYHUQPHQWDOÀQDQFLDOLQVWLWXWLRQV WKH-DSDQ'HYHORSPHQW%DQNDQG([SRUW²,PSRUW%DQN RI-DSDQIRUH[DPSOH SURYLGHGIXQGVWKDWVXSSRUWHGWKHVWUDWHJLFGHYHORSPHQW RI-DSDQ·VFULWLFDOLQGXVWULHV,QUHWXUQ-DSDQHVHEDQNVHQMR\HGKLJKSURÀWDELOLW\ DQGSROLWLFDOOHYHUDJHLQ-DSDQ·VEXVLQHVVDQGSROLWLFDOZRUOG &DOGHU ² ,PSRUWDQWO\ RYHUORDQV DQG ORZHU WKDQ PDUNHW LQWHUHVW UDWHV FUHDWHG H[FHVV GHPDQGIRUFDSLWDOZKLFKLQWXUQPDGHLWSRVVLEOHIRUWKH-DSDQHVHJRYHUQPHQW SDUWLFXODUO\WKH02)WRDOORFDWHIXQGVWRSUHIHUUHGVHFWRUV 7KURXJKRXWWKRVH\HDUVPRVWRIWKHVHFLW\EDQNVDOVRVHUYHGDVPDLQEDQNV WRWKHLULQkeiretsuLQGXVWULHV$OWKRXJKWKHUHLVQRIRUPDORUOHJDOGHÀQLWLRQD PDLQEDQNUHODWLRQVKLSLVXQGHUVWRRGDV´DORQJWHUPUHODWLRQVKLSEHWZHHQDÀUP DQGDSDUWLFXODUEDQNIURPZKLFKWKHÀUPREWDLQVLWVODUJHVWVKDUHRIERUURZLQJVµ
Number of enterprises 1965 1990
Main bank 1965 1990
2WKHUJURXSÀQDQFLDODIÀOLDWHV 1965 1990
Total group 1965
1990
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Private enterprises (%)
Foreign-invested enterprises (%)
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Year
Central bank relending to support agriculture (billion renminbi)
Annual rate of increase (%)
Central bank relending to support agriculture (expressed as % of GNP)
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Table 9.3 &URVVSURYLQFLDOYDULDWLRQLQHFRQRPLFJURZWKDQGÀQDQFLDOV\VWHPLQGLFDWRUV ² Financial system
Province %HLMLQJ 7LDQMLQ +HEHL 6KDQ[L ,QQHU0RQJROLD /LDRQLQJ -LOLQ +HLORQJMLDQJ 6KDQJKDL -LDQJVX =KHMLDQJ $QKXL )XMLDQ -LDQJ[L 6KDQGRQJ +HQDQ +XEHL +XQDQ *XDQJGRQJ *XDQJ[L +DLQDQ &KRQJTLQJ 6LFKXDQ *XL]KRX <XQQDQ 7LEHW 6KDDQ[L *DQVX 4LQJKDL 1LQJ[LD ;LQMLDQJ
Provincial per capita GDP (renminbi), 2000
Real average annual growth rate of provincial per capita GDP, 1991–2000 QD
Ratio of bank loans Total bank loans to bank as percentage of deposits, GDP, 2000 2000 QD QD
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References
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References (YDQV3HWHU ´&ODVV6WDWHDQG'HSHQGHQFHLQ(DVW$VLD /HVVRQVIRU/DWLQ$PHULFDµ In The Political Economy of the New Asian IndustrialismHGLWHGE\)UHGLULF'H\R,WKDFD 1< &RUQHOO8QLYHUVLW\3UHVVSS² ³³ ´3UHGDWRU\ 'HYHORSPHQWDO DQG 2WKHU$SSDUDWXVHV $ &RPSDUDWLYH 3ROLWLFDO (FRQRP\3HUVSHFWLYHRQWKH7KLUG:RUOG6WDWHµSociological Forum ² ³³ Embedded Autonomy: States and Industrial Transformation. 3ULQFHWRQ 1- 3ULQFHWRQ8QLYHUVLW\3UHVV )DLUEDQN-RKQ.(GZLQ25HLVFKDXHUDQG$OEHUW0&UDLJ East Asia: Tradition and Transformation%RVWRQ0$ +RXJKWRQ0LIÁLQ )DMQ]\OEHU)HUQDQGR ´7KH8QLWHG6WDWHVDQG-DSDQDV0RGHOVRI,QGXVWULDOL]DWLRQµ In Manufacturing Miracles: Paths of Industrialization in Latin America and AsiaHGLWHG E\*DU\*HUHIÀDQG'RQDOG/:\PDQ. 3ULQFHWRQ1- 3ULQFHWRQ8QLYHUVLW\3UHVV )DU(DVWHUQ(FRQRPLF5HYLHZ Asia Yearbook+RQJ.RQJ )DUUHO5RJHU´-DSDQHVH)RUHLJQ'LUHFW,QYHVWPHQWLQWKH:RUOG(FRQRP\ ² µ3DFLÀF(FRQRPLF3DSHUV$XVWUDOLD²-DSDQ5HVHDUFK&HQWHU1R )HLJHQEDXP(YDQ ´:KR·V%HKLQG&KLQD·V+LJK7HFKQRORJ\¶5HYROXWLRQ·"+RZ %RPE 0DNHUV UHPDGH %HLMLQJ·V 3ULRULWLHV 3ROLFLHV DQG ,QVWLWXWLRQVµ International Security1R ³³ China’s Techno-Warriors: National Security and Strategic Competition from the Nuclear to the Information Age6WDQIRUG 6WDQIRUG8QLYHUVLW\3UHVV )HQJ<XVKX Guoji Maoyi Tizhi Xia de Guan Mao Zong Xieding yu Zhongguo>GATT and China Under the International Trade System@%HLMLQJ =KRQJJXR'XL:DL-LQJML 0DR\L&KXEDQVKH>&KLQHVH)RUHLJQ(FRQRPLF7UDGH3XEOLVKHUV@ )HZVPLWK-RVHSKChina Since Tiananmen: The Politics of Transition. 1HZ
References *LEQH\ )UDQN HG Unlocking the Bureaucrat’s Kingdom: Deregulation and the Japanese Economy:DVKLQJWRQ'& %URRNLQJV,QVWLWXWLRQ3UHVV *LOER\*HRUJH´7KH0\WK%HKLQG&KLQD·V0LUDFOHµForeign Affairs-XO\$XJXVW *LOSLQ5REHUWDQG-HDQ0*LOSLQThe Challenge of Global Capitalism. 3ULQFHWRQ 1- 3ULQFHWRQ8QLYHUVLW\3UHVV *RDG * 3LHUUH DQG /RULHQ +ROODQG ´&KLQD -RLQV WKH /LQX[ %DQGZDJRQµ Far Eastern Economic Review)HEUXDU\ *RRGPDQ 'DYLG ´7KH &DPSDLJQ WR ´2SHQ 8S WKH :HVW µ 1DWLRQDO 3URYLQFLDO OHYHODQG/RFDO3HUVSHFWLYHVµChina Quarterly ² *RZ ,DQ ´5HUHJXODWLRQ &RPSHWLWLRQ DQG 1HZ ,QGXVWULHV LQ -DSDQHVH 7HOHFRPPXQLFDWLRQVµ,QThe Promotion and Regulation of Industry in JapanHGLWHG E\6WHSKHQ:LONVDQG0DXULFH:ULJKW1HZ-DSDQ·V6RIWZDUH ,QGXVWU\DQGLWV3ROLFLHV@µBijinesu Rebyu +HOG'DYLGDQG$QWKRQ\-0F*UHZ HGV The Global Transformations Reader. 2[IRUG %ODFNZHOO3XEOLVKLQJ +HOOPDQ-RHO6 ´:LQQHUV7DNH$OO 7KH3ROLWLFVRI3DUWLDO5HIRUPµWorld Politics ² +LJXFKL+LURWDUR ´*DLWDPHK{.DLVHLQR(LN\{WR(QQR.RNXVDLNDµ>7KH,QÁXHQFH RIWKH5HIRUPWRWKH)RUHLJQ([FKDQJH/DZDQGWKH,QWHUQDWLRQDOL]DWLRQRIWKH
References +RUQH-DPHV -DSDQ·V)LQDQFLDO0DUNHWV &RQÁLFWDQG&RQVHQVXVLQ3ROLF\PDNLQJ 1RUWK6LGQH\ *HRUJH$OOHQ 8QZLQ +RX -XQMXQ ´*OREDOL]DWLRQ RI 5 ' DQG 1DWLRQDO (FRQRPLF 6HFXULW\µ Duiwai Jingji Maoyi Daxue Xuebao>Journal of the College of Foreign Economics and Trade@ -XO\SS² +X/HJHQGDQG 7KH &RPSXWHU 6FLHQFH ,QVWLWXWH ² 2XU 'LYRUFH 2WKHU 3HRSOH·V &ULWLFLVP@ RQOLQH DW KWWS ZZZVLQDFRPFQQHZVUHYLHZ²²VKWPO +XDQJ7HFKQRORJ\,QGXVWU\'HYHORSPHQWDIWHU:72(QWU\@ RQOLQH DW KWWS ZZZV[DJULVFDFFQMFFN:72QHZBSDJHBKWP ,DQFKRYLFKLQD(OHQDDQG:LOO0DUWLQ´7UDGH/LEHUDOL]DWLRQLQ&KLQD·V$FFHVVLRQ WR:72µ3DSHUSUHVHQWHGDWWKH:RUNVKRSRQ&KLQD·V$FFHVVLRQ3ROLF\5HIRUPDQG 3RYHUW\5HGXFWLRQ:RUOG%DQN%HLMLQJ2FWREHU² ,LGD .HLVXNH ´7DVWLQJ WKH 6SLULW RI WKH :72 7KH -DSDQHVH /LTXRU 7D[ &DVHµ Aoyama Journal of International Politics, Economics, and Business ² ,QRXH .RNL ´5 ' &RQVRUWLD LQ WKH Vµ ,Q Technology and Innovation in JapanHGLWHGE\0DUWLQ+HPPHUWDQG&KULVWLDQ2EHUODQGHU/RQGRQ 5RXWOHGJHSS ² ,QWHUQDWLRQDO 'HYHORSPHQW 5HVHDUFK &HQWHU DQG 6WDWH 6FLHQFH DQG 7HFKQRORJ\ &RPPLVVLRQ A Decade of Reform: Science and Technology Policy in China 2WWDZD ,QWHUQDWLRQDO'HYHORSPHQW5HVHDUFK&HQWHU ,QWHUQDWLRQDO )LQDQFH &RUSRUDWLRQ Foreign Direct Investment :DVKLQJWRQ '& ,QWHUQDWLRQDO)LQDQFH&RUSRUDWLRQ ,QWHUQDWLRQDO 0RQHWDU\ )XQG World Economic Outlook: Interim Assessment :DVKLQJWRQ'& ,QWHUQDWLRQDO0RQHWDU\)XQG ,UZLQ'RXJODV$ ´7UDGH3ROLWLFVDQGWKH6HPLFRQGXFWRU,QGXVWU\µ,QThe Political Economy of American Trade PolicyHGLWHGE\$QQH2.UXHJHU&KLFDJR 7KH8QLYHUVLW\ RI&KLFDJR3UHVVIRUWKH1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFKSS² -DFREVRQ +DUROG . DQG 0LFKHO 2NVHQEHUJ China’s Participation in the IMF, World Bank, and GATT: Toward a Global Economic Order$QQ$UERU 8QLYHUVLW\RI 0LFKLJDQ3UHVV -DSDQ(OHFWURQLFV,QGXVWU\3URPRWLRQ$VVRFLDWLRQ -(,'$ HG Nichibei Sofutouea *\DSSXQLVXUX&KĿVD+ĿNRNXVKR:DJD.XQLQR-ĿKĿ6DQJ\ĿQR.DGDL>Report on a Survey of the US–Japan Software Gap, an Issue in our Nation’s Information Industry]. 7RN\R -(,'$. -LDQJ ;LDRMXQ ´&KLQHVH *RYHUQPHQW 3ROLF\ 7RZDUG 6FLHQFH DQG 7HFKQRORJ\ DQG LWV ,QÁXHQFH RQ WKH 7HFKQRORJLFDO 'HYHORSPHQW RI ,QGXVWULDO (QWHUSULVHVµ ,Q Chinese Technology Transfer in the 1990s: Current Experience, Historical Problems and International Perspectives HGLWHG E\ &KDUOHV )HLQVWHLQ DQG &KULVWRSKHU +RZH &KHOWHQKDP (GZDUG(OJDU -RKQVRQ &KDOPHUV. MITI and the Japanese Miracle. 6WDQIRUG &$ 6WDQIRUG 8QLYHUVLW\3UHVV .DQJ'DYLG&´%DG/RDQVWR*RRG)ULHQGV 0RQH\3ROLWLFVDQGWKH'HYHORSPHQWDO 6WDWHLQ6RXWK.RUHDµInternational Organization ² .DSODQ'DYLG( ´
References .DSVWHLQ(WKDQ% ´5HVROYLQJWKH5HJXODWRU·V'LOHPPD ,QWHUQDWLRQDO&RRUGLQDWLRQRI %DQNLQJ5HJXODWLRQVµInternational Organization ² .DWDGD 6DRUL 1 %DQNLQJ RQ 6WDELOLW\ -DSDQ DQG WKH &URVV3DFLÀF '\QDPLFV RI International Financial Crisis Management.$QQ$UERU0, 8QLYHUVLW\RI0LFKLJDQ 3UHVV .DW]5LFKDUG Japan: the System that Soured: The Rise and Fall of the Japanese Economic Miracle$UPRQN1< 0(6KDUSH .HOOHU:LOOLDP:DQG5LFKDUG6DPXHOV´,QWURGXFWLRQµ,QCrisis and Innovation: Asian Technology after the Millennium HGLWHG E\ :LOOLDP : .HOOHU DQG 5LFKDUG 6DPXHOV1HZThe Mountain Range of NTT’s Advantages@. 7RN\R .RGDQVKD. .RPL\D5\XWDURDQG0RWRVKLJH,WRK ´-DSDQ·V,QWHUQDWLRQDO7UDGHDQG7UDGH3ROLF\ ² µ,QThe Political Economy of Japan, Vol. 2 – The Changing International Context HGLWHG E\7DNDVKL ,QRJXFKL DQG 'DQLHO , 2NLPRWR 6WDQIRUG &$ 6WDQIRUG 8QLYHUVLW\3UHVVSS² .RR +DJHQ ´7KH 3ROLWLFDO (FRQRP\ RI ,QFRPH 'LVWULEXWLRQ LQ 6RXWK .RUHD 7KH ,PSDFWRIWKH6WDWH·V,QGXVWULDOL]DWLRQ3ROLFLHVµWorld Development ² .RVDL<XWDNDDQG
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References 0XOYHQRQ-DPHVSoldiers of Fortune: The Rise and Fall of the Chinese Military– Business Complex, 1978–1998. $UPRQN1< 0(6KDUSH 1DNDKLUD <XNLQRUL DQG =HPEHL 0L]RJXFKL Kawasehô no Jitsumu >Business Practice of the Foreign Exchange Law@7RN\R 02) 1DNDPXUD7DNDIXVD The Post-war Japanese Economy. 7RN\R 8QLYHUVLW\RI7RN\R 3UHVV 1DND\DPD:DWDUX:LOOLDP%XUWRQDQG0LFKDHO3HFKW The Japanese Electronics Industry1HZJapan’s Industrial Structure, Prospects in the Post Cold-War Period@7RN\R $RNL6KRWHQ 2]DZD 7HUXWRPR Recycling Japan’s Surplus for Developing Countries 3DULV 'HYHORSPHQW &HQWUH RI WKH 2UJDQL]DWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW
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References 3RUJHV$PHOLD ´86²-DSDQ7UDGH1HJRWLDWLRQV 3DUDGLJPV/RVWµ,QTrade With Japan: Has the Door Opened Wider? HGLWHG E\ 3DXO .UXJPDQ &KLFDJR ,/ 7KH 8QLYHUVLW\ RI &KLFDJR 3UHVV IRU WKH 1DWLRQDO %XUHDX RI (FRQRPLF 5HVHDUFK SS ² 3RVHQ$GDP6 Restoring Japan’s Economic Growth.:DVKLQJWRQ'& ,QVWLWXWHIRU ,QWHUQDWLRQDO(FRQRPLFV 3UD\ &DUO ´3XEOLF DQG 3ULYDWH &ROODERUDWLRQ RQ 3ODQW %LRWHFKQRORJ\ LQ &KLQDµ AgBioForum ² ³³´3XEOLF²3ULYDWH6HFWRU/LQNDJHVLQ5HVHDUFKDQG'HYHORSPHQW %LRWHFKQRORJ\ DQGWKH6HHG,QGXVWU\LQ%UD]LO&KLQDDQG,QGLDµAmerican Journal of Agricultural Economics ² 3UHELVFK5DXO ´&RPPHUFLDO3ROLF\LQWKH8QGHUGHYHORSHG&RXQWULHVµAmerican Economic Review, Papers and Proceedings ² ³³ ´6L]H6WDJHVLQ0\7KLQNLQJRQ'HYHORSPHQWµ,QPioneers in Development HGLWHGE\*HUDOG00HLHUDQG'XGOH\6HDUV. 1HZ
References 6FKRSSD /HRQDUG - Bargaining With Japan: What American Pressure Can and Cannot Do. 1HZ0RQRSRO\ &RPSDQLHV 177·V,QWHUQDODQG([WHUQDO7URXEOHV@µEkonomisuto>The Ecomomist@ 1RYHPEHU ³³ 7VŗVKLQ.DNXPHLWR'HQGHQ.ĿVKDĿ>The Telecommunications Revolution and NTT@7RN\R 0DLQLFKL6KLPEXQVKD 6KLUN6XVDQ/ The Political Logic of Economic Reform in China.%HUNHOH\&$ 8QLYHUVLW\RI&DOLIRUQLD3UHVV ³³ How China Opened Its Door: The Political Success of the PRC’s Trade and Investment Reforms. :DVKLQJWRQ'& %URRNLQJV,QVWLWXWLRQ 6KXH9LYLHQQH Peasant China in Transition: The Dynamics of Development Toward Socialism, 1949–1956.%HUNHOH\&$ 8QLYHUVLW\RI&DOLIRUQLD3UHVV ³³ The Reach of the State: Sketches of the Chinese Body Politic. 6WDQIRUG&$ 6WDQIRUG8QLYHUVLW\3UHVV ³³ ´6WDWH3RZHUDQG6RFLDO2UJDQL]DWLRQLQ&KLQDµ,QState Power and Social Forces: Domination and Transformation in the Third World HGLWHG E\ -RHO 0LJGDO $WXO.RKOLDQG9LYLHQQH6KXH&DPEULGJH &DPEULGJH8QLYHUVLW\3UHVV 6PLWK 7RQ\ ´7KH 8QGHUGHYHORSPHQW RI 'HYHORSPHQW /LWHUDWXUH 7KH &DVH RI 'HSHQGHQF\7KHRU\µ,QThe State and Development in the Third WorldHGLWHGE\$WXO .RKOL.3ULQFHWRQ1- 3ULQFHWRQ8QLYHUVLW\3UHVV 6RH\D
References Issues in China’s Economic Transition HGLWHG E\ &KDUOHV +DUYLH 1HZ 7KHZLQQHURI LQWHUQDWLRQDO&06ZLOOIHQFHLQGRPHVWLFFOLHQWV@Zaisei Kinyû Jijô$SULO ² 7DR6KDRKXD´=KRQJJXR'LDQ]L;LQ[L&KDQ\H%LDQJH1LDQ5XVKLKRXGH;LQ-L\Xµ >&KLQD·V(OHFWURQLF,QGXVWU\·V7UDQVIRUPDWLYH,VVXHV LQ -DSDQ·V ,QIRUPDWLRQ ,QGXVWULHV 'XULQJ D 7LPH RI 7UDQVLWLRQ@µ Joho Shori >Information Processing@² 7VDL .HOOHH 6 Back-Alley Banking: Private Entrepreneurs in China. ,WKDFD 1< &RUQHOO8QLYHUVLW\3UHVV 7VRX7DQJ The Cultural Revolution and Post-Mao Reforms. &KLFDJR,/ 8QLYHUVLW\ RI&KLFDJR3UHVV 8QLWHG 1DWLRQV &RQIHUHQFH RQ 7UDGH DQG 'HYHORSPHQW 2000 World Investment Report*HQHYD 8QLWHG1DWLRQV&RQIHUHQFHRQ7UDGHDQG'HYHORSPHQW ³³2004 World Investment Report*HQHYD 8QLWHG1DWLRQV&RQIHUHQFHRQ7UDGH DQG'HYHORSPHQW 8UDQLVKL7RPRJL ´.LQ\6KLKRQ6KLM{QR,VVRQR.DVVHLNDZD6KRELQRN\GH DUXµ>2QWKH8UJHQF\RI5HYLWDOL]LQJWKH)LQDQFLDO&DSLWDO0DUNHWV@Kinyû Zaisei Jijô -XO\SS² 86²&KLQD%XVLQHVV&RXQFLO´&KLQD·V7UDGH3HUIRUPDQFHµ RQOLQHDWKWWS ZZZ XVFKLQDRUJVWDWLVWLFVWUDGHSHUIRUPDQFHKWPO 86*RYHUQPHQW´&RXQWU\&RPPHUFLDO*XLGH-DSDQ)<86(PEDVV\7RN\R -DSDQ&KDSWHU /HDGLQJ6HFWRUVIRU86([SRUWVDQG,QYHVWPHQWµ:DVKLQJWRQ'& 1DWLRQDO7HFKQLFDO,QIRUPDWLRQ6HUYLFH RQQOLQHDWKWWS ZZZVWDWXVDJRY 86,QWHUQDWLRQDO7UDGH$GPLQLVWUDWLRQ $QQXDO Best Market Reports, Computer Software RQQOLQHDWKWWS ZZZVWDWXVDJRY 86 ,QWHUQDWLRQDO 7UDGH &RPPLVVLRQ Assessment of the Economic Effects on the United States of China’s Accession to the WTO 3XEOLFDWLRQ 6HSWHPEHU :DVKLQJWRQ'& ,QWHUQDWLRQDO7UDGH&RPPLVVLRQ 867UDGH5HSUHVHQWDWLYH´,QGXVWU\)DFWVKHHW²%DQNLQJµZHEVLWHDFFHVVHG$XJXVW RQOLQHDWKWWS ZZZFKLQDSQWUJRYLQGXVWU\IDFWVKHHWVEDQNLQJD QGVHFXULWLHVKWP 9DOHQ]XHOD - 6DPXHO DQG $UWXUR 9DOHQ]XHOD ´0RGHUQL]DWLRQ DQG 'HSHQGHQF\ $OWHUQDWLYH 3HUVSHFWLYHV LQ WKH 6WXG\ RI /DWLQ $PHULFDQ 8QGHUGHYHORSPHQWµ Comparative Politics -XO\ ² 9DQ :ROIHUHQ .DUHO The Enigma of Japanese Power: People and Politics in a Stateless Nation1HZ
References 9RJHO(]UD) The Four Little Dragons: The Spread of Industrialization in East Asia. &DPEULGJH0$ +DUYDUG8QLYHUVLW\3UHVV 9RJHO 6WHSKHQ Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries,WKDFD1< &RUQHOO8QLYHUVLW\3UHVV :DGH5REHUW Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization. 3ULQFHWRQ1- 3ULQFHWRQ8QLYHUVLW\3UHVV ³³ ´*OREDOL]DWLRQDQGLWV/LPLWV 5HSRUWVRIWKH'HDWKRIWKH1DWLRQDO(FRQRP\DUH *UHDWO\([DJJHUDWHGµ,QNational Diversity and Global CapitalismHGLWHGE\6X]DQQH %HUJHUDQG5RQDOG'RUH. ,WKDFD1< &RUQHOO8QLYHUVLW\3UHVVSS² :DNDVXJL5\XKHL ´:K\IRUHLJQÀUPV·HQWU\KDVEHHQORZLQ-DSDQ DQHPSLULFDO H[DPLQDWLRQµ,Q Foreign Direct Investment in JapanHGLWHGE\0DVDUX
References ³³ The East Asian Miracle: Economic Growth and Public Policy 1HZ 7KH 5RDG WR 177·V &RUSRUDWL]DWLRQ@µKeizai >Economy@-XO\ 1R
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