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FEZ of China as a Driver of Foreign Trade
 
PIIS032150750007658-5-1
DOI10.31857/S032150750007658-5
Publication type Article
Status Published
Authors
Lyudmila Shkvarya 
Occupation: Professor, Department of Political Economy, RUDN University
Affiliation: RUDN University
Address: Russian Federation, Moscow
Xizhe Wang
Occupation: Post-graduate student, Department of Political Economy, RUDN University
Affiliation: RUDN University
Address: Russian Federation, Moscow
Journal nameAsia and Africa Today
EditionIssue 12
Pages57-63
Abstract

The article shows that China’s foreign trade traditionally plays a key role in the socio-economic development of the country. In this article, the authors try to study the trends and identify the features of China’s foreign trade in the XXI century and show the important and growing role of free economic zones and free trade zones as a driver of China’s trade growth. Based on the analysis, the authors identified a number of features of China’s foreign trade. This is a significant resistance to the crisis, high progressive growth, justified export flows, diversification of exports towards the growth of the share of high-tech goods in exports, the development of the geography of foreign trade, flexible foreign trade policy, in which free economic (trade) zones play a significant role. Free economic (trade) zones remain among the most effective in the world, including because they almost immediately increased China’s exports and imports, the inflow of foreign investment, as well as strengthened the country’s position in the world economy and trade, contributed to the growth of national competitiveness. However, in the twenty-first century, China’s free economic (trade) zones are also becoming elements of other major Chinese strategies, such as «One belt - one road». Their fundamental role as a driver and catalyst of foreign trade cooperation in the development of China’s economy is shown. The authors come to the conclusion that it is necessary to further improve the process of management of the free economic (trade) zones of China, especially in the direction of the formation of an innovative management mechanism. The authors ‘ analysis is based on International statistical information provided by UNCTAD, as well as statistics data of the National Bureau of statistics of China.

KeywordsChina, free economic zones (FEZ), free trade zones (FTZ), foreign trade, export, import
Publication date13.12.2019
Number of characters16512
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