The Chinese Economic Area: Economic Integration without a Free Trade Agreement

Randall S. Jones, Robert King and Michael Klein

No 124, OECD Economics Department Working Papers from OECD Publishing

Abstract: This paper describes the de facto economic integration taking place between China, Hong Kong and Taiwan -- the "Chinese Economic Area" -- and analyses basic factors underlying the process. Even in the face of weak economic performance in OECD countries the integration has helped underpin rapid growth in all three economies, particularly in China's south-eastern provinces. If Chinese policies are further liberalised within a reasonably stable macro-environment, the Chinese Economic Area could become a major player in world markets within one generation and require massive adjustment in the rest of the world ... Ce document décrit l'intégration économique qui a lieu de facto entre la Chine, Hong Kong et Taiwan -- la "Zone Économique Chinoise" -- et analyse les facteurs à la base de ce processus. Malgré la faible performance économique des pays de l'OCDE, cette intégration a permis une croissance soutenue de ces trois économies, particulièrement dans les provinces du sud-est de la Chine. Si la Chine poursuit une politique de libéralisation dans un environnement macro-économique raisonnablement stable, la Zone Economique Chinoise pourrait tenir un rôle majeur sur les marchés mondiaux en l'espace d'une génération, ce qui pourrait entraîner des ajustements importants dans le reste du monde ...

Date: 1992-01-01
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