China’s Emergence and the Reorganisation of Trade Flows in Asia
The emergence of China has intensified the international segmentation of production processes within Asia, but has not created an autonomous engine for the region’s trade, as Asia still depends on outside markets for its final goods exports. The reorganisation of production has weakened the position of the advanced economies (Japan and the US) in Asia’s trade, but up to now has not severely affected the position of the emerging Asian economies (Malaysia, Philippines, Thailand). However, the surge of China’s exports and the decline of its export prices, suggest the risk of a downward spiral of cost-competition, while the deterioration of China’s terms of trade raises the question of the sustainability of its recent growth strategy.
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