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The China-Hong Kong Connection: The Key to China's Open Door Policy

29 Nov 1991-
TL;DR: In this article, the open-door policy and the pivotal role of Hong Kong as a trading partner were discussed. But the authors focused on the institutional setting and did not consider Hong Kong's role as a financier or middleman.
Abstract: 1. The open-door policy 2. The pivotal role of Hong Kong 3. The institutional setting 4. Evaluation of the open-door policy 5. Hong Kong as a financier 6. Hong Kong as a trading partner 7. Hong Kong as middleman 8. Summary and conclusions.
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Journal ArticleDOI
Alan Smart1
TL;DR: One of the most influential trends in social theory in the late 20th century has been the collapse of the academic division of labor erected in the beginning of the century (Wolf 1982), which conceded the capitalist marketplace to the new science of economics but defended the realms of the "social," hence noneconomic, as the territory of sociology, political science, and anthropology as mentioned in this paper.
Abstract: One of the most influential trends in social theory in the late 20th century has been the collapse of the academic division of labor erected in the beginning of the century (Wolf 1982), which conceded the capitalist marketplace to the new science of economics but defended the realms of the "social," hence noneconomic, as the territory of sociology, political science, and anthropology (Friedland and Robertson 1990; Marcus 1990) Neoclassical economic theory has been extended to the social realms through innovative work in public choice theory, transaction cost analysis, game theory, human capital theory, and the study of rent-seeking (Oberschall and Leifer 1986) All of these apply neoclassical methods to the explanation of social phenomena that are not conventional parts of the market economy From the other direction, sociologists and anthropologists have extended social and cultural analysis to the heartland of the economic empire: capitalist organization and decision making (Granovetter 1990; Hirsch et al 1990; Zukin and DiMaggio 1990) Studying the ways in which capitalist markets, enterprise organizations, and entrepreneurial activity are themselves social and cultural forms that draw their efficiency partly from sociocultural resources is a welcome departure from the strategy utilized by substantivist economic anthropologists Substantivism conceded the adequacy of neoclassical models to market economies, but denied their applicability to nonmarket economies traditionally studied by anthropologists The collapse of the traditional academic division of labor has led to attempts to overcome dichotomies of the economic and the noneconomic by recognizing the calculative dimension in all forms of exchange and the neglected cultural dimension of market exchanges (Appadurai 1986:12-13) One of the most influential efforts to reintegrate social and economic analysis has been Pierre Bourdieu's theoretical project to develop a "general science of the economy of practices" Such a science would recognize market exchange and capi-

331 citations

Journal ArticleDOI
TL;DR: In this paper, a strategy for market-oriented economic reform that combined substantial reform with rapid growth in GDP and exports is presented. But the sequencing of reform began with the 'easy to reform' sectors, agriculture and foreign trade, and then took up the more difficult task of reforming the large state-owned enterprises.
Abstract: Beginning in late 1978, by luck as much as design, China arrived at a strategy for market-oriented economic reform that combined substantial reform with rapid growth in GDP and exports. The sequencing of reform began with the 'easy to reform' sectors, agriculture and foreign trade, and then took up the more difficult task of reforming the large state-owned enterprises. With respect to agriculture, small-scale industry, and foreign investment, China found ways of introducing meaningful property rights into the increasingly marketized system. A partially unreformed financial system and inadequate autonomy of large state enterprises accounts, however, for the current stop-go nature of Chinese development.

296 citations

Journal ArticleDOI
TL;DR: This paper measured the impact of China's decision to open its economy in 1980 on outsourcing from Hong Kong and the relative demand for less-skilled workers and found that the demand for skilled workers in Hong Kong increased at the same time outsourcing to China began to increase.
Abstract: We measure the impact of China's decision to open its economy in 1980 on outsourcing from Hong Kong and the relative demand for less-skilled workers We show that the relative demand for skilled workers in Hong Kong increased at the same time outsourcing to China began to increase The reallocation of workers from manufacturing to "outsourcing services" can account for 15 percent, and increased utilization of skilled workers within manufacturing industries for 30 percent, of the aggregate relative demand shift In addition, the rate of skill upgrading has been greater in manufacturing industries that have seen a greater degree of outsourcing to China

203 citations

Journal ArticleDOI
TL;DR: This article examined the predictive capacity of consumer confidence indexes for consumption in Hong Kong and found that they have little or almost no explanatory power in forecasting consumption growth, compared with the situation in the US or Britain.

196 citations

Journal ArticleDOI
TL;DR: In this paper, the authors used data on the output of 23 industrial sectors in seven coastal regions (provinces and counties) over the period 1985 to 1989 to study the correlates of growth.
Abstract: In the 1980s China experienced 'an explosion of pent-up entrepreneurship' facilitated by wide-ranging, although often unorthodox, economic reforms. This article uses data on the output of 23 industrial sectors in seven coastal regions (provinces and counties) over the period 1985 to 1989 to study the correlates of growth. Although industry-specific features the degree of specialization and competition had some influence on growth, much of the action came from region-specific influences and regional spillovers? Regional influences included the open-door policies and special economic zones that successfully attracted investments from overseas Chinese to particular locations. Existing regional strengths, especially high-quality human capital and infrastructure, also contributed to growth. The results illuminate the interplay between conditions conducive for growth for example; the contribution of foreign expertise is greatly enhanced by available human capital. China made judicious use of the advantages of backwardness by targeting areas that were less developed and less encumbered by the legacy of existing institutions, although it was fortunate in this regard that the backward regions were in close proximity to Hong Kong and Taiwan (China). Important also was the transmission of growth impulses across the provinces and counties, possibly through perform cadre and administrative networks.

167 citations