Learning Through Opening Up

David Daokui Li (), Chi Zhang (), Lin Fu (), Meixin Guo () and Di Zhou ()
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David Daokui Li: Tsinghua University
Chi Zhang: New Development Bank
Lin Fu: Central University of Finance and Economics
Meixin Guo: Tsinghua University
Di Zhou: Qinghua University

A chapter in Economic Lessons from China’s Forty Years of Reform and Opening-up, 2021, pp 119-182 from Springer

Abstract: Abstract This section analyzes China’s process of opening up in the past four decades. It argues that the Chinese economy has been integrated into the global economic system and achieved economic upgrading in the process while mitigated the shocks of globalization and revived “Chinese Detroits,” which benefited not only China but also the world economy. We summarize two economic lessons from China’s experience of opening up in the past four decades. First, learning from advanced market economies through entrepreneurs, laborers, and government officials is essential for economic upgrading. Second, to achieve effective and sustainable learning, the process of opening up must be carefully managed and paced. In other words, opening up in one fell swoop will not bring long-term growth and prosperity to an economy.

Keywords: Opening up; Global economic system; Industrial upgrading (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-33-4520-1_5

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DOI: 10.1007/978-981-33-4520-1_5

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