9780415435819

Economic Convergence in Greater China: Mainland China, Hong Kong, Macau and Taiwan

by ;
  • ISBN13:

    9780415435819

  • ISBN10:

    0415435811

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-01-15
  • Publisher: Routledge
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Summary

Although China's economy has grown very rapidly in recent decades, there are still very large differences between the economy of mainland China and the economies of Hong Kong, Macau and Taiwan. For example, per capita income in Hong Kong is many, many times higher than per capita income in mainland China. This book considers the degree to which economic convergence between mainland China, Hong Kong, Macau and Taiwan has occurred, and the prospects for increased convergence in the future. It considers economic integration between China and its two Special Administrative Regions (SARS), emphasising the large volume of capital flows and exports, especially from Hong Kong into China, and showing that the economies are highly integrated, despites their differences. It examines income convergence, and changes in productivity, using the same measures for both China and the two SARS, unlike most existing studies. It explores how economic reforms have been crucial to increasing convergence so far, and will continue to be in the future, and concludes by discussing the implications for policy of encouraging increased convergence.

Author Biography

Shujie Yao is Professor of Economics and Chinese Sustainable Development at the University of Nottingham, UK. He is Special Chair Professor of Economics, Xi'an Jiaoting University, China. Chun Kwok (Henry) Lei is Assistant Professor of Economics in the Department of Finance and Business Economics, University of Macau, China.

Table of Contents

List of tablesp. x
Prefacep. xiii
Acknowledgementp. xxii
Abbreviationsp. xxiii
Introductionp. 1
Economic integrationp. 1
Economic integration in practicep. 2
Stages of economic integrationp. 3
The role of China in the world economyp. 3
The economic integration between China, Hong Kong, Macau and Taiwanp. 6
Significance of the economic linkage between China, Hong Kong, Macau and Taiwanp. 10
Conclusionp. 12
Economic profiles of China, Hong Kong, Macau and Taiwanp. 15
Introductionp. 15
Chinap. 16
Hong Kongp. 40
Macaup. 53
Taiwanp. 61
Conclusionp. 68
Economic integration between China, Hong Kong, Macau and Taiwanp. 70
Introductionp. 70
The trade tiep. 71
Foreign direct investmentp. 91
Human flowsp. 99
Conclusionp. 104
Parametric analysis of the economic integration between China, Hong Kong and Macaup. 107
Introductionp. 107
Correlation of real gross domestic product per capitap. 108
Cointegration analysis and vector error correction modelp. 110
Consequences of economic integrationp. 123
Conclusionp. 123
Income convergence between China, Hong Kong and Macaup. 125
Introductionp. 125
Diversification in economic performancep. 125
Disparities at national levelp. 126
Disparities at the regional levelp. 129
Income convergence between China, Hong Kong and Macaup. 133
Stochastic convergencep. 154
Conclusionp. 157
Total factor productivity convergence between China, Hong Kong and Macaup. 159
Introductionp. 159
Total factor productivity in stochastic frontier approachp. 159
Total factor productivity measurementp. 163
Estimation resultsp. 166
Convergence in total factor productivityp. 174
Conclusionp. 181
The closer economic partnership agreement between Mainland China, Hong Kong and Macaup. 184
Introductionp. 184
The closer economic partnership agreementp. 185
Impacts of CEPAp. 187
CEPA in practicep. 190
Conclusionp. 196
Reduction of income dispersionp. 199
Introductionp. 199
Methodologyp. 200
Estimation resultsp. 201
Policy suggestionsp. 202
Conclusionp. 204
Conclusions, policy implications and prospects of economic convergence in Greater Chinap. 206
Economic integration of the Greater China economiesp. 206
Economic integration between Mainland China, Hong Kong and Macaup. 208
Income convergence between Mainland China, Hong Kong and Macaup. 208
Convergence in total factor productivity between Mainland China, Hong Kong and Macaup. 210
Reforms as a driving force of economic convergence in Greater Chinap. 211
Policy implications and prospects of economic convergence in Mainland Chinap. 212
Notesp. 217
Bibliographyp. 220
Indexp. 234
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