Component Trade and China’s Global Economic Integration

Abstract

A symbol of China’s economic integration into the global economy is its progressive engagement in international commodity trade, with an increasing scale and intensity. From 1992 to 2005, the average growth rate of China’s total trade was 18.5 per cent per annum — twice as high as the growth of gross domestic product (GDP) in the same period. China’s total trade reached US$1.76 trillion in 2006, with a trade dependency ratio (defined as the ratio of total trade over its GDP) rising to about 68 per cent by the national account measures (UNCTAD 2006). Among this increasing trade, China’s engagement in the so-called international fragmentation of production — namely, ‘cross-border dispersion of component production/assembly within vertically integrated manufacturing industries’ (Feenstra 1998; Jones and Kierzkowski 2005) — has become an increasingly important form of its economic integration into the regional as well as the global economy. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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