Market Integration in China

Market Integration in China

Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural...

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Bibliographic Details
Main Authors:	Chen, Qingqing, Goh, Chor-Ching, Sun, Bo, Xu, Lixin Colin
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO FINANCING ACCOUNTING ADB AGENCY PROBLEMS AGRICULTURAL OUTPUT AGRICULTURE ALLOCATION OF CAPITAL AUTONOMY BAILOUT BANK FINANCING BANKRUPTCIES BANKS BUSINESS ENVIRONMENT CAPITAL FORMATION CAPITAL INVESTMENT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL MARKETS CAPITALIZATION CAPITALS COMMODITIES COMMODITY COMMODITY PRICES COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPARATIVE ECONOMICS COMPETITIVENESS CONSUMERS CONTRACT ENFORCEMENT CORPORATE GOVERNANCE CURRENCY DECENTRALIZATION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DEVELOPMENT STRATEGY DISPOSABLE INCOME DOMESTIC CURRENCY DOMESTIC MARKETS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC GEOGRAPHY ECONOMIC INTEGRATION ECONOMIC RELATIONS ECONOMICS EMERGING MARKET EMPLOYMENT EXCHANGE CONTROLS EXCHANGE RATE EXPENDITURE EXPORTS EXPROPRIATION EXTERNAL FINANCING FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FIRM PERFORMANCE FISCAL DECENTRALIZATION FISCAL POLICIES FIXED INVESTMENT FIXED PRICES FOREIGN BANKS FOREIGN CAPITAL FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN FIRMS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN MARKETS FOREIGN OWNERS FOREIGN OWNERSHIP FUND MANAGEMENT GDP GDP PER CAPITA GINI COEFFICIENT GLOBAL ECONOMY GLOBAL MARKETS GLOBAL STANDARDS GLOBALIZATION GOOD GOVERNANCE GOVERNMENT INTERVENTION GOVERNMENT REVENUE GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH THEORIES HOUSING INCOME INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INCOME TAX INDUSTRIALIZATION INEFFICIENCY INFORMAL FINANCE INFORMATION TECHNOLOGY INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BANK INTERNATIONAL COMPETITION INTERNATIONAL COOPERATION INTERNATIONAL ECONOMICS INTERNATIONAL INVESTORS INTERNATIONAL MARKET INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT PROJECTS INVESTMENT RATES INVESTOR CONFIDENCE JOB CREATION JOINT VENTURES JURISDICTION LABOR COSTS LABOR MARKET LABOR MARKETS LAND USE LARGE CITIES LIBERALIZATION LIFE INSURANCE LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS LORENZ CURVE MARGINAL PRODUCT MARGINAL PRODUCTIVITY MARKET ACCESS MARKET DISCIPLINE MARKET ECONOMY MARKET INTEGRATION MARKET SHARE MERGERS MIDDLE-INCOME ECONOMY MIGRANT LABOR MIGRATION MOBILE PHONES MONETARY FUND MORAL HAZARD MUNICIPALITIES NET EXPORTS OPEN MARKETS OUTSOURCING OWNERSHIP STRUCTURE PER CAPITA INCOME POLITICAL ECONOMY POWER PARITY PRIVATE PROPERTY PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PRODUCT MARKETS PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PROPERTY RIGHTS PROTECTIONISM PURCHASING POWER RAPID GROWTH RAPID INDUSTRIALIZATION RATE OF RETURN RATE OF RETURN TO CAPITAL REFORM PROGRAM REGIONAL INTEGRATION REGIONAL TRADE REGULATORS REGULATORY ENVIRONMENT REGULATORY RESTRICTION REINVESTMENTS REMITTANCES RENT SEEKING RESOURCE ALLOCATION RETURN RETURNS RISK SHARING RURALURBAN MIGRATION SECURITIES SHAREHOLDERS SOCIAL SERVICES STATE BANKS STOCK MARKET STOCK MARKET CAPITALIZATION STRATEGIC COMPLEMENTARITIES STRUCTURAL CHANGE TAX TAX LAWS TAX POLICIES TAX RATES TAX REVENUES TAXATION TECHNOLOGICAL ADVANCES TECHNOLOGY TRANSFERS TELECOMMUNICATIONS TRADE BARRIERS TRADE CREDIT TRADE FLOWS TRADE SECTOR TRADING TRADING SYSTEM TRADING SYSTEMS TRANSITION ECONOMIES TRANSPORT URBAN ECONOMIES URBAN GROWTH URBAN SERVICES URBANIZATION VALUE ADDED VOLATILITY WAGES WEALTH WORLD ECONOMY WORLD MARKET WORLD MARKETS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110408152448 http://hdl.handle.net/10986/3396

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Summary:	Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural divide, and Chinese cities tend to be under-sized by international standards. China has also integrated globally, initially through the Special Economic Zones on the coast as launching grounds to connect with world markets, and subsequently through the accession to the World Trade Organization. For future policy considerations, this paper argues that its economic production needs to be spatially concentrated, and its social services need to be spread out to the interior to ensure harmonious development and domestic integration (through inclusive rural-urban transformations and effective territorial development).

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