Foreign economic relations of China, dynamics, structure, trends. China's foreign economic relations

China is a socialist country with a planned economy. However, this does not bother foreign investors. Political and economic system The PRC is stable and the influx of foreign capital is growing every year. From 1980 to 1998 the influx of foreign capital increased almost 4 times. As of mid-1998, there were more than 314.5 thousand enterprises in the Middle Kingdom with the participation of foreign capital. Contract volume of investments - 545.37 billion dollars6

The main direct investors in the Chinese economy are Taiwan, Hong Kong, Macao and Singapore, i.e. the countries where the largest number of Chinese people live. Entrepreneurs in Taiwan

[Hong Kong, Macao, Singapore are the main investors in the Chinese economy. Their contribution amounts to 60-80% of the sum of all contributions from business circles in all other countries of the world.

IN last years Taiwan has become the second investor in the Chinese economy after Hong Kong, and after Hong Kong's inclusion in China's geopolitical system, it has become the number one investor.

Chinese exports are growing rapidly: by about 25-30% annually. If in 1979 less than 10% of the country's GNP was formed in foreign trade, in 1993 - almost 36%, then in 1998 (as of July) - more than 45%7. In the first half of 1998, the total volume of foreign trade turnover of the PRC reached 151.4 billion dollars: exports amounted to 87, and imports - 64.4 billion dollars. In connection with the crisis in South-East Asia China has been actively developing markets in Europe, Africa, and Latin America. China's exports to the EU in 1998 increased by 25.5: to the USA - by 18.1%, to Africa - by 44.7%, Latin America- by 38.1%, etc.3

China, like Japan, has a trade surplus with the United States (more than $30 billion per year) and ranks second in size after Japan.

Any geopolitical tension between China and the United States will help strengthen Japanese-Chinese ties and strengthen Japanese capital in the Asia-Pacific region. This threat serves to align the strategic interests of the United States and China. In addition to economic interests, the historical memory of the Chinese and Americans works to bring the two countries closer together - the memory of the crimes of the Japanese on the eve of and during the Second World War.

Relations between Japan and China began to develop in the 60s, during the “cold” and especially the “hot war” between the USSR and China (battles on Damansky Island), China and Vietnam. Japan acts primarily as a creditor, and is now the main trading partner of China, which is most often the buyer of Japanese equipment, technology and goods. Of course, Japan seeks to restrain the growth of Chinese technical, technological and export potential, not allowing its neighbor into the traditional markets for its products. Japanese-Chinese economic and trade relations worsened in the second half of the 90s of the late 20th century: Island state is experiencing depression, annual GDP growth in Japan does not exceed 2%, and the Chinese economy, despite the severe financial and economic crisis in the Asia-Pacific countries, has given and continues to provide GDP growth of 10-8% per year9.

Therefore, although the PRC and Japan are interested in developing bilateral economic and trade relations, at the same time they act as competitors in the markets of the Asia-Pacific region, ASEAN, the USA, Africa, Europe, etc.

England, Germany, France and Italy are increasing the sale of their goods in China. But in recent years they have begun to pay more attention to the growth of direct investment in the economy of this country.

The relations of the PRC with the ASEAN countries and the “four little dragons” are characterized by processes of competition, attraction and repulsion. Nevertheless, in relations with the “small dragons” the main line is the establishment of economic and production cooperation. Competition prevails when it comes to ASEAN countries. ASEAN countries fear a military threat from China. According to Western experts, Taiwan has developed a long-term program that provides for its transformation into an Asia-Pacific regional economic center capable of taking a central place in the Asia-Pacific region and even in the world. They intend to make Taiwan the operating base for investment and business activities of local and foreign companies. In addition, according to the program developers, it should become the center of manufacturing, financial, telecommunications and transport activity in the Asia-Pacific region, i.e., become a leader in the development of regional economic integration10.

China also has a similar plan - the “Pudong Plan”. It involves the formation in the Shanghai area of ​​a gigantic (with a population of 100 million people) international industrial, financial, trade, transport and cultural center capable of taking a leading role in the Asia-Pacific region11. We dwell on this issue because in the 21st century, most likely there will be a unification of two Chinas into one and then it will turn into: the most powerful financial and economic empire

Investors in Lately are showing increasing interest in the countries of East Asia - China, Japan and the Republic of Korea, notes the German newspaper Handelsblatt. Before the financial crisis most of foreign investment flowing into Asian countries came from the states of Southeast Asia (SEA), which were leading in economic growth rates. Foreign investors were attracted by the stability of their economy, cheap labor and falling trade barriers. After the crisis, the situation changed dramatically: the Asian east receives 10 times more investment than the south. The changing situation is evidenced by the fact that over 80% of enterprises acquired in 2000 by foreign investors in Asia were located in the Asian East.

More than half of the capital investments directed to Asian countries from the United States and Western Europe comes from China. If in 1990 less than 20% of foreign investments in the Asian economy came to this country, but recently - over 50%.

The newspaper provides a number of examples of the penetration of Western capital into this region, in particular in China, Japan, the Republic of Korea and Taiwan. Motorola is set to invest $1.9 billion in a Chinese chip manufacturing facility to meet China's rapidly growing demand for mobile phones. The objects of foreign investment are both Japanese and South Korean banks experiencing financial difficulties. Thus, the companies "GE Capital", "Lone Star Capital" and others have invested hundreds of millions of dollars in financial institutions in Japan.

Multinational corporations, Handelsblatt believes, do not intend to leave Southeast Asia. However, such rich countries and territories as Japan, the Republic of Korea and Taiwan, as well as China with its huge population, according to German experts, have significantly greater potential for attracting foreign investors. The Republic of Korea, Taiwan and China overcame the consequences of the financial crisis much faster than the Southeast Asian countries, which are also becoming more and more politically unstable. China is attracting large foreign investors with its upcoming accession to the WTO.

Export geography in 1999 - USA 22%, Hong Kong 19%, Japan 17%, Germany, South Korea, the Netherlands, Great Britain, Singapore, Taiwan.

There are also other reasons for the movement of financial flows from south to east Asia. Thus, the wage level of a worker even in a wealthy Chinese city is two times lower than, for example, in Bangkok. The average manager's salary in the Philippines is about 50% higher than in Shanghai.

While states located in eastern Asia are increasingly integrated into world economy, the countries of the South are isolated from it. In Malaysia and Indonesia, the state controls capital transactions. Thailand has frozen plans to privatize public sector enterprises; the Philippines, due to a huge budget deficit, is unable to obtain the necessary IMF loans. On the contrary, the East is gradually removing barriers to foreign investment. Thus, the Republic of Korea and Taiwan allowed the sale of banks to foreigners and eliminated limits on the participation of foreign investors in the capital of firms in almost all sectors of the economy. Japan is opening up access to foreign capital in the telecommunications and electricity industries (in addition to the financial sector and the automobile industry).

The level of its technological development also plays a certain role in attracting Western investment to the Asian East. While in the Republic of Korea, Taiwan and Hong Kong 20% ​​of the population has access to the Internet, in Thailand this figure is 1.6%, and in the Philippines - 1%.

Geography of imports in 1999 - Japan 20%, USA 12%, Taiwan 12%, South Korea 10%, Germany, Hong Kong, Russia and Singapore.

Prospects for strengthening the PRC economy. One of the most significant events in the world economy in the second half of the last century was the impressive rise in China associated with the reforms initiated by Deng Xiaoping. Over 20 years, China's GDP has grown 5 times, household incomes have grown 4 times, 270 million Chinese have significantly increased their well-being and managed to overcome the poverty threshold.

However, the standard of living in China remains low: the national income per capita is only $950 per year. China's share of world trade reached its 1939 level. only in 1993 A negative phenomenon was the widening gap in income between the wealthy and the poor.

In the next 20 years, China has a real chance of becoming the second most economically powerful state in the world. The standard of living will reach the registered level modern stage for the average resident of the Republic of Korea or Portugal. The preconditions for such progress will be created, in particular, by China's accession to the WTO, negotiations on which have been ongoing for 15 years. This significant event will most likely occur at the end of 2001. or 2002. During the five-year period, many tariff and non-tariff barriers will be eliminated, and foreign capital will gain access to a number of sectors of the national economy, such as banking, telecommunications services and distribution operations. China has pledged to implement strict measures to protect intellectual property and abolish the requirement for foreign investors in China to require a minimum share of local raw materials and components in the cost of products produced by the joint venture.

WTO reforms are just the beginning of a new stage of broad changes in the Chinese economy. The government is guided by a policy of liberating business from excessive tutelage of the state, transferring many enterprises from the state to the private sector, and creating corporations on the basis of existing plants and factories that can withstand competition, including from foreign producers. Strengthening planned financial markets outside the state banking system, which finds itself in a relatively difficult situation, and their reorientation to serve business entities that are most deserving of lending. The most important direction of state economic policy will be the development of infrastructure - road and rail, as well as fiber optic, so that for the first time in history, remote parts of the country are covered by nationwide infrastructure networks, resulting in the formation of a single economy with a high degree of integration of individual parts.

The government is making efforts to create new sources of domestic demand, in particular through the privatization of the housing stock. IN major cities 40% of the population are already homeowners. Measures are being taken to develop a simple and effective tax system, use information technology to prevent abuses in the field of national and local government, integrate into a coherent system individual initiatives in the social field aimed at paying benefits to the 5 million people who lose their jobs in state-owned enterprises every year, and pensions.

Local and foreign analysts are of great interest in assessing the consequences of the implementation of all these plans for the national economy. Government statistics do not provide a reliable basis for accurate forecasting. Economic growth figures tend to be overstated. Local authorities are trying to embellish the situation in the territories under their jurisdiction. There are widespread cases when some of the products of Chinese enterprises do not find sales and are replenished in warehouses. However, such production is regularly included in the calculation of gross product. It is quite difficult for analysts to determine the extent to which GDP is overstated. According to most, last year's increase of 8% should probably be adjusted downward by 1-2 percentage points.

The Morgan Stanley research group believes that if China complies with its WTO obligations and its government's firm focus on market reforms, the average annual growth of China's GDP in 2001-2005. will be 7%, in 2006-2015. - 9% (results of restructuring will affect), later rates economic development will slow down. By 2020 China's GDP should increase to 10 trillion. dollars (at the dollar exchange rate registered at the end of 2000), i.e. China's economy will become approximately the same size as America's today. Income per capita will reach $6,700. If transformations in China are carried out faster than provided for in the agreements with the WTO (in particular, due to increased pressure from foreign partners), then GDP growth may increase in 2006-2015. up to 10% per year, and GDP will reach 10 trillion. dollars by 2015

One of the consequences of joining the WTO will be a sharp increase in the number of agreements on foreign direct investment. In 2000 obligations for new investments of this kind increased by 1/3. The influx of such investments has reached a cumulative total of 350 billion dollars, with a significant annual increase of 40 billion. Only two countries in the world - the USA and Great Britain - have managed to attract a larger volume of investment from other countries (1.1 trillion and 394 trillion, respectively). billion dollars). Brazil and Mexico, although they opened their markets much earlier than China, are inferior to it in this regard. China attracted 1/3 of all investments flowing into emerging market countries. Almost 80% of all foreign direct investment flowing into East and Southeast Asia (excluding Japan) occurred in 2000. to the share of the only recipient - China. The lag of his neighbors is causing them growing concern.

Traditionally, the bulk of foreign capital invested in the Chinese economy is directed to export industries. Since the late 70s, China's trade turnover with foreign countries grew from an insignificant (for such a large power) amount to $475 billion in 2000. The growth rate of world trade during this period was much lower. Firms with foreign capital currently account for half of all exports from China. As the weekly Economist notes, foreign investment has helped transform China into a “huge export machine.” The country will remain a significant exporter in the future thanks to the almost limitless potential of extremely cheap labor resources, including those with high educational qualifications. According to the Economist, computer engineers in China earn about 10 times less than, for example, in Taiwan with almost the same level of training.

China's manufacturing industry is gradually moving to the forefront and becoming more capital-intensive. Researchers note that even with the transition to the production of increasingly complex industrial products (for example, semiconductor technology and information technology equipment, for which China managed to become the 3rd largest manufacturer in the world), China does not lose its advantages in the production of such relatively cheap and labor-intensive products such as toys, textiles and shoes. Due to the scale of production and low wages, China successfully competes with other Asian exporters of these goods (Indonesia, the Republic of Korea, etc.), actually pushing them out of the world market. The development strategy of most of China's neighbors is based on an export model, so China's foreign trade expansion is perceived quite negatively by them. Moreover, there are serious concerns outside East and Southeast Asia, such as India and Mexico. It is noteworthy that the last of the named countries, with great reservations, agreed with the entry of the PRC into the WTO, stipulating its admission nearby additional conditions. (Admission to the WTO is subject to the mandatory consent of all its participants.)

At first glance, China's economy is undoubtedly export-oriented. The ratio between exports and GDP reaches a significant value - 23%. In terms of export volume, China ranks 9th in the world. However, according to most analysts, the export sector is not sufficiently integrated with the domestic economy. Firms wholly or partially owned by foreigners absorb approximately 50% of all imports and are the source of half of China's exports. Many export enterprises are simple production facilities for assembling products from imported components and subsequent export to other countries, often through Hong Kong. The export sector, with a dominant position of foreign capital, especially in special economic zones, is considered by researchers as a kind of enclave, somewhat reminiscent in its characteristics of the “maquiladoras” enterprise zone in Mexico, which stretches near the American border. It is no coincidence that many experts conclude that China is poorly integrated into the world economy. Isolation results in additional costs. Technologies and management experience brought by foreign firms are not absorbed quickly or easily by local companies. At the same time, economic growth is constrained by the persistence of many elements of the prescriptive management system, trade barriers and local protectionism, as well as the absence of a real capital market. The Economist believes that joining the WTO will help create an optimal competitive environment within China and will significantly limit the role of the administrative-command system.

In the open sector of the economy, TNCs have already become the most important “players” in the field of entrepreneurship. McDonald's and Kentucky Fried Chicken have established nearly 700 factories in China. Kodak has secured half of the film and photographic paper market, with Fuji owning almost the rest. Procter & Gamble has become the largest supplier to China shampoo market Foreign companies, primarily Motorola, Ericsson and Nokia, reserved 95% of the market. mobile phones. This activity is due to the fact that China is the largest market for products such as microtelephones. Coca-Cola management believes that China will soon become its largest market in Asia. According to some estimates, foreign participation in the PRC economy at the present stage is approximately 10%. According to experts, admission to the WTO will lead to a doubling of this figure.

Despite all the positive developments over the past 20 years, China is not sufficiently integrated into the global trading system. Moreover, there is a lack of integration at the intra-Chinese level. Therefore, one of the most important tasks facing China at the present stage is the unification of disparate elements of the national economy. (A similar problem faced, for example, the United States at the end of the 19th century.) Indeed, it is abnormal that sending a container from Shanghai to American Seattle takes less time than from Shanghai to another large industrial center of the same country - Chongqing, located on Yangtze River in the depths of China. Ten years ago, China did not have a nationwide highway system connecting individual provinces. Currently, the length of such roads exceeds 12 thousand km (I provided detailed information about connecting transport routes in section 2.4. course work). Number of passenger flights civil aviation tripled, the number of new subscribers to the landline telephone network in 2000 reached 36 million, and mobile communications - 42 million. Landline telephones are available in 17% of families, and in the 90s the number of subscribers increased 30 times. The spread of the Internet is extremely small, but the number of users doubles every year. The national economy is turning into a single complex, facilitated by the introduction of information technology.

Great prospects are opening up in the field of financial integration. Until recently, four banks acted as lenders state enterprises. Currently, the network of banking institutions has expanded significantly. According to experts, the role of the public sector in the national economy has decreased to 50%, however, it accounts for more than 70% of fixed assets and 80% working capital in the manufacturing industry. In such conditions, the role of the private sector is assessed by the weekly "Economist" as "limited."

The government developed radical measures to develop the stock market and reorganize state-owned banks. The debt-for-equity swap helped reduce the burden of bad debts in the banking system by 1.4 trillion. RMB In the future, loans will be provided only to financially reliable enterprises. The stock market is playing an increasingly important role in financing producers. If in 1999 through it funds were mobilized totaling 440 billion yuan, then in 2000. - already 620 billion. At the same time, the participation of foreign capital exceeded 180 billion. The issue and offering for sale of shares of such large associations as Petrochina and China Mobile was preceded by their restructuring, which made them more compliant with global standards.

Reforms in China and the growth of its economy should have a positive impact on the entire region, especially at a time when the countries of East and Southeast Asia are experiencing negative consequences from the slowdown in the United States. As for China, a significant decline in this country is not predicted.

Even in the event of a global economic downturn, China will develop relatively steadily, if only because of the size of its economy. Only in 2000 Chinese imports grew by a huge amount - $55 billion, which indicates the transformation of the PRC economy into a powerful factor in the development of the entire region. As for the threat to Asian producers posed by Chinese suppliers, overcoming it almost entirely depends on the states of this region themselves: the implementation of delayed structural reforms should help solve problems associated with external factors.

In the long term, a rapidly developing China is also seen as a source of threat by influential groups in the United States. The development of US-Chinese relations is complicated by the presence of a positive balance in bilateral trade in favor of China in the amount of $60 billion. However, ties between the two countries have become so complicated and diversified that when analyzing them one should not give unambiguous assessments. For example, it must be taken into account that the sales volume of American firms operating in China is currently almost the same as all exports from the United States to China. Investment flows are comparable to trade flows.

Isolating China from the global economy could be a serious blow to American interests. In addition, according to Morgan Stanley calculations, in the next 15-20 years, reforms in China should produce an economic effect of approximately 40 trillion. dollars, while foreign entrepreneurs, and primarily American ones, can count on approximately 8 trillion. of them.

The development of economic ties actualizes the need for reforms in China and increasing the degree of openness towards the outside world. In such conditions, the development of informal contacts cannot actually be restrained. It is noteworthy, for example, that 50 thousand Chinese are studying at American universities at one time. Already, the number of Chinese citizens who received education in the United States exceeds the number of Chinese who graduated from Soviet universities. There is a growing complexity and diversification of ties in many areas. Such trends will contribute to China's integration into the world economy.

Foreign trade occupies a central place in China's system of foreign economic relations. The increase in foreign capital has a great influence on foreign trade. Joint ventures account for about 30% of China's exports and more than 40% of its imports.

With the growing level of economic development of the country, China's role in the world market and commodity structure are changing foreign trade. China still remains the largest exporter of raw materials in the world (coal, ferrous and non-ferrous metals, cotton, silk, etc.). However, the share is increasing finished products(more than 80% of exports) and the share of raw materials and agricultural goods is decreasing.

China is an exporter of labor-intensive products (3/4 of exports), thanks to the possibility of using cheap work force. The leading place in exports is occupied by clothing and textiles (cheap, made from natural raw materials). Exports of consumer goods are significant: toys, shoes, sporting goods. An important place in the structure of exports belongs to machinery and equipment (25% of the export value). These are machines for small repair shops, sewing machines, and, more recently, simple electronic equipment (tape recorders, video, etc.).

Chinese imports are dominated by mechanical engineering products (equipment, machine tools, electronics), Vehicle(cars, planes). The import of industrial raw materials and semi-finished products is growing.

China's largest trading partners are Japan, the USA, Germany, and Hong Kong (Hong Kong). Moreover, Hong Kong is an important re-export base for China. In foreign trade with developing countries, ties with the states of Southeast Asia, where many Chinese live, are important.

Trade with Russia is developing rapidly, which ranks 7th among China's partners (in terms of imports in 1994, 4th place after New Zealand, the USA and Germany). At the same time, China is Russia's second foreign trading partner after Germany. Mutual trade is developing most actively in border areas (in the Far East). They buy cars, timber and metal from Russia; they sell textiles, clothing, and food to Russia.

The structure of foreign trade before the founding of the PRC reflected the state of the economy. Products were mainly exported Agriculture(soybeans, vegetable oils, raw silk, cotton, tea, bristles, livestock) and mining (coal, iron ore, non-ferrous metals). Imports consisted of 1/3 of food (rice, wheat, flour, fish), since the agriculture of old China did not meet the food needs of the population. China was heavily dependent on supplies of many types of industrial products: machinery and equipment, metals, petroleum products, timber, cotton, etc. The economy of the coastal zone with ports “open” to foreign capital was focused on international economic relations: imported raw materials were processed here and export products were produced. Thanks to an external factor, the level of development of this region was significantly higher than that of the interior regions of the country. At the same time, this territory found itself cut off from other regions, excluded not only from the international, but also from the intranational division of labor.

After the proclamation of the People's Republic of China, foreign economic relations with the USSR and countries expanded in the 50s of Eastern Europe. In the 60-70s, the scale of foreign economic relations was relatively small, but since the 80s they began to grow at a rate noticeably faster than GDP growth.

Active development various forms China's foreign economic relations in the 80-90s were determined by the formation of an “open economy”. China's inclusion in the world economy is seen as an indispensable condition for the successful implementation of reform of the entire economic system.

Foreign trade occupies a central place in the system of foreign economic relations. Its volume is about 264 billion dollars (in 1995), i.e., about 2.5% of world foreign trade turnover, and puts China in 10th place in the world in terms of this indicator (in 1978 - only 32 -th place). During the years of reform (since 1978), the average annual growth rate of foreign trade turnover was 16%, which is 2 times higher than the growth rate of world trade turnover. However, China is still far behind developed countries by foreign trade turnover per capita.

The fact that foreign trade is becoming an important factor in the country’s development is evidenced by the growth of its “export” economy. According to IBRD estimates, the volume of China's exports is about 16% (1995) of the value of China's GDP (in 1980 - about 7%), and this exceeds similar indicators for the United States and other countries of the world large in terms of territory and population.

The rapid development of foreign trade is primarily associated with its decentralization. If before the reform it was completely monopolized by the state (exports and imports were carried out by 12 state companies), then in the mid-90s more than 3,600 companies carried out foreign trade. Individual provinces, some large enterprises, foreign economic companies, and special economic zones (SEZs) have the right to enter the foreign market. RMB devaluation to boost competitiveness Chinese goods on the world market, also had a beneficial effect on the dynamics of foreign trade. The growth of foreign trade turnover is also associated with the rapid development since the mid-80s of such a form as duty-free processing of imported materials, which accounts for 40% of all Chinese exports. The accelerated increase in imports was largely a consequence of the shortage of means of production in the domestic market due to a sharp increase in investment in fixed assets and measures to liberalize the import regime for a number of goods. An increase in the volume of foreign entrepreneurial capital, which entails large purchases of equipment, as well as a reduction in import customs duty rates, also has a great impact.

The main feature of the dynamics of the export structure is the increase in the share of finished products and the reduction in the share of raw materials. In the mid-90s, manufactured industrial products accounted for more than 80% of the total export volume (versus 20% at the end of the 70s), and primary processed products accounted for less than 20% (80% at the end of the 70s). In the world market, China has occupied a niche as an exporter of labor-intensive products (3/4 of all exported goods). Due to relatively lower comparative costs due to the possibility of using fairly cheap labor, these Chinese products are the most competitive in the foreign market.

The leading place in exports is occupied by clothing and textiles (about 30% of the total value), which are in demand mainly as a result of their low cost and the use of natural fibers. China's expansion in the ready-to-wear markets of the United States and some other countries has required the introduction of strict quotas on the import of these products. China stands out for its exports of other consumer goods: toys, shoes, haberdashery, sports and tourism goods. The second place in terms of export volumes is occupied by the “machinery and technical equipment” group (25% of value), and exports of products for these items are growing at a faster pace. Massive, relatively simple products from the Chinese electronics industry are becoming increasingly popular on the world market: tape recorders, video recorders, etc.

The reduction in the share of raw materials in the structure of Chinese exports is determined primarily by an increase in their cost and an increase in demand in the domestic market for such types of products as oil, coal, ferrous and non-ferrous metals, cement, and raw silk. However, China still remains their traditional exporter.

China's imports include purchases of mechanical and electronic products, vehicles (only about half the cost), which is related to the needs of the growing economy. China is actively purchasing cars, aircraft, textile equipment, and metalworking machines. Due to the rapid development of production of the most profitable types of products, domestic production does not meet the needs for raw materials. The import of industrial raw materials, semi-finished products, rolled ferrous metals, oil and petroleum products, and iron ore into the country is growing. Mineral fertilizers and pesticides necessary to improve the efficiency of Chinese agriculture remain important imports, although the volumes of their imports are declining.

The geography of China's foreign trade is characterized by a high level of concentration. China trades with more than 180 countries, but half of its foreign trade turnover is accounted for by three partners: Japan, Hong Kong and the USA (20, 16 and 14%, respectively). The factor of proximity of the trading partner plays a major role in the distribution of exports and imports: foreign trade turnover with first-order neighboring countries, including those with which the PRC is connected by convenient sea routes, makes up the predominant part. In general, over the years of reforms, China has developed certain groups of trading partners, which account for more than 2/3 of mutual trade. These are the countries of the Asia-Pacific region (Japan, Hong Kong, Taiwan, the Republic of Korea, Singapore), the USA, EU countries (mainly Germany) and Russia.

The PRC's largest trading partner is Japan, and the import of Japanese products into the country significantly exceeds the export from the PRC. Rolled metal and steel, machinery and equipment are imported from Japan. The role of imports of household electrical appliances, cars and electronics is especially important. The bulk of China's exports to Japan are fuels (oil and coal); a much smaller share falls on food, textiles, and clothing.

Trade with Hong Kong and Macau is beneficial for China. The trade balance with Hong Kong has always had a positive balance since 1952. China exports there mainly textiles and clothing, food products, as well as such specific products as drinking water. Machinery and transport equipment, electronics and communications equipment are imported. The role of Hong Kong as a re-export base for China is significant.

The share of China's third most important trading partner, the United States, is declining, which is due to the constant revision of the most favored nation status by the US Congress (due to “violations of human rights in China”). China has a positive balance in trade with them, as it successfully competes with consumer goods from other countries in the American market.

Russia occupies a special place in China's foreign trade, trade turnover with which has grown at a very high rate in the last decade. Mutual trade turnover in 1995 was $5.5 billion. Russia ranks 7th among China's partners, while the PRC is Russia's second trading partner after Germany. The specificity of mutual relations between China and Russia is the high specific gravity cross-border trade, in which the Amur region is most actively involved. Primorsky Krai (RF) and Heilongjiang Province (PRC). The structure of Chinese exports is dominated by textiles, clothing and food, and the structure of imports is dominated by cars, wood and metal.

Prospects for the development of China's foreign trade are associated with its entry into the GATT, which will lead to low duties on exports and imports of products. It is estimated that by the end of the 90s, China’s foreign trade turnover will amount to up to $400 billion.

The most dynamic form of foreign economic relations since the early 90s has been the attraction of foreign investment, in terms of volume ($38 billion) China ranked second in the world. By the beginning of 1996, almost 200 thousand enterprises with the participation of foreign capital were registered in the country with a total volume of declared capital investments of about 390 billion dollars. In reality, over 50 thousand joint ventures are operating with a total number of employees of more than 5 million people and a capital of 135 billion dollars. Joint ventures play an important role in foreign trade: they account for about 30% of exports and more than 40% of imports, but their share in industrial production is still small (only 12% in 1995). Joint ventures are being created in various sectors of the economy: material production, infrastructure, trade, hotel industry, etc., and their range is becoming ever wider. The emphasis in Chinese policy to attract foreign capital is gradually moving from territorial to sectoral, providing for the encouragement of high-tech enterprises that are priority sectors from the point of view of the national economy.

Among investors from 117 countries and regions of the world, the leading place is occupied by investors from Hong Kong (more than half of all foreign direct investment in 1995), Taiwan (about 10%), as well as Japan, the USA and Singapore. The bulk of all investments are concentrated in the coastal regions of the country - more than 80%, with the overwhelming majority in Guangdong province, the central cities of Shanghai and Beijing.

In the mid-1990s, Chinese investment abroad intensified. First Chinese transnational corporation became the Shougan metallurgical plant, which has branches in 15 countries. In total, according to official data, there are about 5 thousand enterprises with the participation of Chinese capital abroad.

China widely attracts foreign government loans, most of which are used for the construction of large and medium-sized facilities in the fields of transport, energy, mining and processing of raw materials, forestry and water management. Among the main creditor countries are Japan, Germany, Great Britain, etc.

A whole system has been formed in China open areas, differing in the degree of openness, features of the tax regime, and territorial coverage. These territories were created to stimulate the influx of capital from abroad and are distinguished by preferential tax regime. The greatest level of openness is characteristic of 5 “special economic zones”: Shenzhen, Zhuhai, Shantou (all in Guangdong Province), Xiamen (Fujian Province) and Hainan Province. The first were formed in 1980, the last in 1988. All of them are closed areas, relatively better provided with infrastructure. Foreign companies and joint ventures can freely import industrial raw materials and semi-finished products without paying duties, and after processing, freely export finished products to foreign markets. Income tax for foreign entrepreneurs is only 5%.

The economic potential of the Pudong New Development Zone in Shanghai (established in 1990), which is of great importance for stimulating the development of the Shanghai Economic Region, is rapidly expanding. Basic trading partners zones - Japan, USA, EU countries, Hong Kong.

The open system also includes 14 open coastal cities established in 1984, more than 30 regions of technical and economic development both in these and in cities in the interior of the country, 27 high-tech development zones created in the interior provinces in 1988-1991. , 3 Taiwan Investment Areas in Fujian Province, 5 Cross-Border Economic Cooperation Areas in Northeast China Provinces and Inner Mongolia Autonomous Region (all established in 1992).

Among those formed earlier (in 1985-1988) in the coastal zone - 7 open coastal economic regions, including 41 provincial cities and 218 counties and small towns.

During 1992-1993 the structure of open areas was replenished with 5 open cities along the river. Yangtze, 13 open border cities and counties, and 18 open inland centers of provinces and autonomous regions. Thus, a multi-level open system has emerged: a coastal strip of open areas, SEZs, open cities, areas of Taiwanese investment - a strip of open areas and cities along the river. The Yangtze is a border strip of economic cooperation areas and open cities and counties - open inland centers and high-tech development zones. This system characterizes the diffusion of external openness from south to north, from east to west, from coastal to inland regions of the country.

Great importance for the Chinese economy has a market for tourism services. Sights of Beijing and Xi'an, Shanghai and Guangzhou, Great Wall and temple complexes, an abundance of preserved and carefully maintained monuments of one of ancient civilizations The lands (but not only that) and the rather unusual life of modern China - all this attracts a steadily growing flow of foreign tourists.

After its proclamation in China in the late 1970s. policy of openness, a transition was made from the almost complete isolation of the country to high degree its involvement in world economic relations. Foreign trade became one of the main sources of economic growth during the years of reform. The growth rate of China's foreign trade turnover over the past thirty years has significantly exceeded the growth rate of domestic production and was higher than the world average. Gaining greater access to foreign markets as a result of China's accession to the WTO at the end of 2001, China became the largest trading power (1st place in world merchandise trade since 2012).

In 2014, China's share in world trade turnover was 11.3% (12.4% in world exports, compared to 3.9% before joining the WTO). The total volume of foreign trade in goods in 2013 reached a record high of $4.16 trillion (Figure 3.2), and in 2014 exceeded $4.3 trillion. According to World Bank estimates, China's share in world trade in the coming years will increase to 14%.

Rice. 3.2.

Export Import

Over the years of reforms, the economy's dependence on foreign trade has increased significantly. The share of exports and imports of goods and services in GDP over the period since 1978 has grown more than six times and amounted to 62% in 2008 compared to less than 10% in 1978. The degree of openness of the Chinese economy is significantly higher than that of other large developing countries such as Brazil and India.

The commodity structure of China's exports is becoming more complex and sophisticated. If in the first half of the 1980s. exports were dominated by primary products (agricultural products, oil, minerals), since the mid-1980s. The export of industrial goods begins to increase (this group of goods accounts for 93-94% of Chinese exports). Initially, industrial goods (1980-1990s) were represented mainly by labor-intensive products (clothing, shoes, toys, etc.), then (1990s - early 2000s) capital-intensive products became a more significant export item and, finally, After joining the WTO, China's export specialization shifted towards products with a high share of added value.

Share of mechanical engineering industries in the 2000s. in the total volume of exports increased to almost 50%, while the products of high technology industries (computers, electronics, aerospace technologies, telecommunications equipment, etc.) account for about 1/3 of the total exports 1 . The share of processed products is currently 93%. In the export of labor-intensive products, after joining the WTO, China gradually began to lose its competitive advantage.

Chinese imports have seen a sharp increase in demand for minerals, especially fuels, over the past ten years.

After joining the WTO, China also established itself as a net importer of agricultural products. The volume of imports from the United States (soybeans, cotton, leather, hides) has increased significantly. However, along with the growth of imports, there is an increase in the scale of financial support for agriculture, as well as an increase in the specialization of the PRC in global trade in agricultural products (export of fruits, vegetables and other labor-intensive crops). In 2005-2010 Chinese agricultural exports increased by 13% annually 2. In terms of import and export of agricultural goods, China ranks 2nd and 4th in the world, respectively.

China is the main trading partner for a number of countries located in different regions globe. Since 2002, it has become the main source of imports for Japan, pushing aside the United States, and in the summer of 2006 - for the EU countries. Main export markets for China at the present stage - the countries of East and South Asia (51.3% of exports in 2013), the USA (16.7%), the EU (15.3%). The main sources of Chinese imports in 2013 were the EU (11.3%), ASEAN countries (10.2%), South Korea (9.4%), Japan (8.3%), Taiwan (8.0%) and the USA (7.8%). Since 2012, Russia has been among the top ten largest trading partners of China; its share in Chinese foreign trade turnover was 2.1% in 2013 (Table 3.1).

Table 3.1

China's leading trading partners (2013) 3

• 1 China Statistical Yearbook. Beijing: China Statistical Press, 2012.
• 2 China’s Agricultural Trade: Competitive Conditions and Effects on U.S. Exports. Washington: United States International Trade Commission, 2011.
• 3 Filed by the Ministry of Commerce of the People's Republic of China (www.mofcom.gov.cn).

Foreign economic relations with China are becoming increasingly important for many developing countries, including the least developed countries. From these countries, China imports raw materials while exporting a wide range of manufactured goods. China's share in the foreign trade of a number of countries in Africa and Asia has already exceeded 30% and continues to grow. Among China's strategic foreign trade partners in the 2000s. Russia also entered.

China exports much more goods than it imports, which leads to an increase in trade surplus and the formation of large gold and foreign exchange reserves (foreign exchange reserves at the beginning of 2014 amounted to $3.8 trillion). China's trade surplus reached $309 billion in 2008. After the global crisis, the size of the surplus decreased and in 2013 amounted to $260 billion.

The growth in trade turnover is largely associated with an increase in the influx of direct investment into the country. Enterprises with foreign investment established on the territory of the PRC provide about 50% of the country's foreign trade turnover. Foreign investors widely use China as a production site for carrying out assembly operations from imported components with the subsequent export of finished products (such operations account for about 50% of the country's total foreign trade). The main volume of foreign trade (over 80%) falls on the coastal provinces and cities of China. The share of the provinces of Guangdong, Jiangsu and Shanghai stands out especially.

The imbalance in foreign trade causes tension in relations with major trading partners, which is reflected in an increase in the number of trade disputes and accusations of dumping against China, as well as increased pressure on China to revalue the national currency. For the period from July 2005 to December 2012, the cost Chinese yuan against the US dollar has increased by almost 30%, however, according to existing estimates, its value still remains underestimated by 15-20%.

Trade in services is also developing quite dynamically - for the period 2001-2011. its volume increased almost 6 times (trade in goods - 7 times), but its scale is significantly inferior to trade in goods. The share of services in total trade turnover is slightly more than 10%, while trade in services (as opposed to trade in goods) is in deficit in China. The largest deficit is observed in the items “transport”, “insurance”, “travel” (outbound tourism from China), “royalties and license payments” (purchases of technology). At the same time, China is developing areas of specialization in the service sector, which include construction, computer and information services. According to these items, China's trade surplus is increasing.

After 2001, China began to form its own network of bilateral (regional) preferential free trade agreements. By the end of 2012, it had ratified 11 such agreements. The most significant of them are the Agreement on the creation of a free trade area with ASEAN countries, agreements on closer partnership and cooperation with Hong Kong (2003), Macau (2004) and Taiwan (2011). Regional agreements are seen as complementary to the multilateral trading system. Most of the partners with whom China has signed or is negotiating the signing of agreements on the creation of free trade zones recognize it as a country with a market economy.

Until 1960, all of China's foreign trade, with a few exceptions, was conducted with the USSR and its European allies (mainly Czechoslovakia, Poland and East Germany). During the period of deterioration in relations between the PRC and the USSR, China purchased grain from Canada and Australia, imported equipment for industrial enterprises from Japan and Western Europe. The development of foreign trade resumed in the early 1970s. After China announced its policy in 1971 open doors" in a relationship Western countries, its foreign trade turnover tripled in just 4 years. By 1980, it doubled again and continued to grow, albeit much more slowly, until 1988, breaking the $100 billion mark. The great importance of foreign trade for China’s economic development can most clearly be illustrated by the share of exports in total GDP: in 1980 it was approx. 13%, and in 1992 reached 35%, i.e. was higher than the share of exports in the Japanese economy. The total volume of China's foreign trade in 1997 reached $325 billion.

Despite repeated attempts to achieve at least an approximate balance in foreign trade between exports and imports, since the start of economic reforms in 1979, China has ended up with a trade deficit in every three out of four years. The structure of exports underwent significant changes in the 1980s. If at the beginning of this decade food products and minerals (oil and coal) accounted for 40% of total Chinese exports, then by the end they barely reached 20%. During this period, the share of finished products in exports rose from 50 to 75%. The structure of imports has also changed: the share of finished products increased from 65 to 82% of the total cost of imports.

In terms of individual commodities, in the late 1980s the value of ready-made garment exports exceeded the total value of oil exports, China's largest export for many years. Cotton fabrics and seafood came in third and fourth place. China's main trading partners in the 1980s and first half of the 1990s were Hong Kong, Japan, the United States and Germany, and Hong Kong, in turn, re-exported many goods purchased from China. Factors that make Chinese exports competitive in global markets include low labor costs for Chinese workers, large foreign investment in light manufacturing, rapidly improving quality of finished products produced by Hong Kong-owned factories, and the repeated devaluation of the Chinese yuan. All this led to a sharp change in the nature of the trade balance between China and the United States in favor of China. According to Zeng Peiyan, within 25 years after the establishment of diplomatic relations between China and the United States, bilateral trade and economic cooperation has developed rapidly, as evidenced by the increase in trade turnover between China and the United States from 2 billion US dollars. dollars in 1978 to 100 billion US. dollars in 2003. Tens of thousands of American businesses have invested a total of US$43 billion. dollars into the Chinese economy. These successes are the result of the joint efforts of the governments, businesses, people of both countries and the US Chamber of Commerce in China.

Zeng Peiyan said that the economies of the two countries are characterized by significant complementarity, and bilateral trade and economic cooperation has great potential. As Chinese reform deepens, American companies will have even more opportunities to develop. According to him, China intends to further open various areas of the domestic service industry to foreign investors, such as retail, tourism, stock market, banking, insurance, telecommunications industries, while accelerating the large-scale development of the western regions of the country and the reconstruction of old industrial bases in Northeast China. The Chinese government encourages American companies to invest in high-tech enterprises.

The US Chamber of Commerce in China was established in 1920 to promote bilateral trade and investment activities. This non-governmental organization has more than 1,500 representatives from 700 US companies

If in 1990 in the United States, exports to China slightly exceeded imports from China, then by 1996 the US deficit amounted to approx. $20 billion, second only to the trade deficit with Japan, and in 1998 surpassed it. 2003 saw the fastest growth rate of China's foreign trade since 1980. According to the latest customs statistics, China's foreign trade turnover reached US$851.21 billion in 2003, an increase of US$230.4 billion or 37.1 percent over 2002.

According to customs statistics, in 2003, China's exports and imports amounted to US$438.37 billion and US$412.84 billion, an increase of 34.6 percent and 39.9 percent, respectively. The positive trade balance amounted to $25.53 billion.

Despite the severe damage caused by the Severe Acute Respiratory Syndrome (SARS) epidemic in the first half of 2003 to China's service industry, Chinese export growth continued at 30 percent in 2003.

In the 1990s, the flow of foreign tourists to China increased, and in the mid-1990s, 26 million people visited the country. In terms of tourism income ($10.2 billion), China ranked 9th in the world.