- Title
- The prospect of factor market reforms in China and its impact on the world economy
- Creator
- Zhang, James Xiaohe
- Relation
- International Review of Business Research Papers Vol. 8, Issue 5, p. 1-15
- Relation
- http://www.bizresearchpapers.com/View%20Articles_julyy2012issuel.htm
- Publisher
- World Business Institute
- Resource Type
- journal article
- Date
- 2012
- Description
- This paper examines the impact of reforms in China's rural land and labour markets on the aggregate economic welfare in both China and the rest of the world. The hypothesis is that a clearer specification of China's rural land ownership and free mobility of rural labour force across different sectors will have a significant impact on production, employment and international trade patterns in the rest of the world, particularly in agricultural and capital intensive industries and regions. This will result in a large-scale restructuring of the world economy in line with regional specialisation and comparative advantage. Specifically, the natural resource based and capital intensive industries benefit and labour intensive industries suffer from China's labour market liberalisation, but these impacts will be offset somewhat by the land market reforms. The hypothesis is tested by simulations on an applied general equilibrium model (the GTAP Model). Policy implications are generated based on the simulation results.
- Subject
- aspects of the China economy and business; international economics; trade and political relations
- Identifier
- http://hdl.handle.net/1959.13/1053533
- Identifier
- uon:15613
- Identifier
- ISSN:1837-5685
- Language
- eng
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