Exports, Foreign Direct Investment and Economic Development by Xiaolan Fu (auth.)

By Xiaolan Fu (auth.)

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Perkins (1999) examines the exports and productivity relationship using 1993 survey data in four open coastal cities, Shanghai, Xiamen, Shenzhen and Guangzhou, over the 1980–92 period. He estimates TFP growth as a residual of a Cobb–Douglas production function and finds the causality goes from export-orientation to TFP growth in firms located in these cities. However, as these four cities are the locations that enjoy the highest degree of openness to trade and investment in China and are relatively well developed in terms of industry, infrastructure and human capital, results from these cases may not represent the picture for the whole of the Chinese economy.

It is essential that the export sector does not remain an enclave separated from the rest economy (Hirschman, 1958; Meier, 1995). Usually, growth of manufactured exports that utilizes locally produced inputs may provide a strong stimulus for expansion in the input-supplying industries in the economy. When development of the export sector is mainly driven by processing trade, linkages between the export and the non-export sectors are likely to be limited. This may be particularly so when EPZs are used to attract foreign capital.

Therefore, for the developing countries, exports could be an engine of development when and only when the preconditions are met and the transmission mechanisms are improved. In the globalization era, exports will exert a deeper and wider impact on economic development of developing countries. Facing the two-edged (2) Resource reallocation and specialization (12) Quality improvement (11) Encouragement of R&D (10) Competition, ‘X-efficiency’ (9) Tech. 2 Exports and economic development: the transmission mechanisms EXPORTS (8) Economies of scale (7) Attraction of FDI (6) Finance for imports (5) Capital accumulation (4) Job creation (3) Market augmentation (1) Vent-forsurplus Structural change, industrialization, and urbanization Income distribution Productivity growth Output growth Employment growth 23 DEVELOPMENT 24 Exports, FDI and Economic Development in China sword, the developing countries should not give up the great growthenhancement potential of exports because the developed countries may gain more.

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