By Xiao-guang Zhang (auth.)
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Additional resources for China’s Trade Patterns and International Comparative Advantage
With a yearly turnover of about half of the nation's foreign exchange earnings, the FESCs had already become a major player in China's foreign exchange allocation system. However, the old quota control mechanisms remaining in place enabled enterprises to hold large amounts of foreign currencies at very low cost and encouraged speculative activities. It was urgent and also feasible for China to accelerate foreign exchange reform. This is what occurred in 1994 when the dual exchange rates were unified.
With the successful completion of the Uruguay Round, the tariff rates of the GATT/WTO member countries are expected to fall even further. To gain membership, China needed to contemplate even more drastic cuts in its import tariffs; the target would be to reduce the average tariff rate to at least 13 per cent. The Chinese government expressed its readiness to meet this requirement. 9 per cent from 1993). This promise was fulfilled by two rounds of large-scale tariff reductions in the following three years.
However, the regulation of the FESCs was in the hands of local authorities and foreign exchange transactions were localized and mainly made between local enterprises. 8 yuan per US dollar was used for merchandise trade in 1981±4. b FESC = Foreign Exchange Swap Centre. Sources: Official and internal settlement rates: International Monetary Fund, (1996), FESC rates: 1981±5: Economic Daily, (2 February, 1992), Wang Zhengzhi and Qiao Rongzhang (1988: 197); 1986: Rate in Shenzhen, Sun Shangqing (1989:197); 1987: Average rate of Shenzhen and Shanghai centres, Sun Shangqing (1989:198±9); 1988: Average rate of five major municipal swap centres from May to December, Editorial Board of the Almanac of China's Finance and Banking (1989:148); 1989±92 Yang Fan, (1993:3).
China’s Trade Patterns and International Comparative Advantage by Xiao-guang Zhang (auth.)