DECODING CHINA'SEXPORT MIRACLE
A Global Value Chain Analysis
Yuqing Xing
(National Graduate Institute for Policy Studies, Japan)

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WSASIAN20(valid till 30 Jun 2021)"This book is a must-read for anyone trying to understand the Chinese
export miracle — from a closed economy to the world's largest
exporter and manufacture in just 30 years. The author considers
traditional explanations but rejects them in lieu of a GVC-based story.
By eliminating bottlenecks in 1) branding, 2) technology, and 3)
marketing networks, GVC participation allowed Chinese producers to
expand rapidly and diversify into technologically advanced products."
Richard Baldwin
Professor of International Economics, Graduate Institute, Geneva
Founder & Editor-in-Chief of VoxEU.org"Decoding China's Export Miracle is essential reading for anyone
trying to understand China's meteoric rise as an export powerhouseas well as the role of global value chains in modern trade. This
fascinating book explains how GVCs enable developing countries tojump right into hi-tech manufacturing processes, starting with thesimple tasks and developing more prowess with experience.""The conclusion drawn from Dr XING Yuqing's analysis is that deep
integration into the global value chain is the deciding factor for China
to become one of the largest exporters in the world. This is very muchin line with the reality, which could shed lights for other developing
countries in pursuit of industrialization. His analysis will also facilitate
the understanding on the role played by the cross-border services in
the global value chain."
Xiangchen Zhang
Ambassador and Permanent Representative of China to the WTO"China's rise to become the world's largest exporter is a fascinating
topic for academic research. Professor Xing studies it from theperspective of the global value chains. The book reveals the secrets ofChina's fast upgrading in the global value chains. China's experiencecan offer useful lessons to other developing countries."

David Dollar
Senior Fellow, John L Thornton China Center, Brookings Institution

Yang Yao
Cheung-Kong Scholar and Liberal Arts Chair Professor
Dean, National School of Development, Peking University"Yuqing Xing provides a fascinating, accessible, and timely account of
the crucial role of global value chains in powering China'stransformation into the world's leading exporter. The book is a 'must
have' for anybody seeking to understand micro dimensions of thecontemporary and future global economy, including the forces
pushing China towards an inward-looking strategy in high technology,
and the risks thereof.""This insightful book by a leading economist of China's international
trade and industrial development offers a fascinating analysis thatchallenges conventional trade theories and input-output models.
Focusing on value-added trade and firm-level value chain activities,
Xing's decoding of China's economic miracle in the interconnectedworlds of global production networks is both compelling and crystal- clear.
A must-read for anyone interested in China's recent development and thedevastating impact of the Covid-19 pandemic."

Etel Solingen
Distinguished Professor
Thomas T and Elizabeth C Tierney Chair in Peace and Conflict Studies
University of California Irvine

Henry Wai-chung Yeung
Distinguished Professor and Co-Director,
Global Production Networks Centre
National University of Singaporey

216pp | April 2021

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Hardcover | 978-981-122-962-6 | US$88 / £75
eBook for Individuals | 978-981-122-964-0 | US$70 / £60
Get your copy at https://doi.org/10.1142/12080

In less than three decades, China has emerged as the world's largest exporting nation with more than 2 trillion exports annually. China's
quick rise as a leading exporter in the world is an unprecedented miracle. There are many theories explaining this miracle. T his book
adopts the global value chain (GVC) approach to analyze the Chinese export miracle over the last four decades. It focuses on the tasks
rather than the gross export value and emphasizes the organizations of modern trade rather than the national comparative adva ntage.
The GVC approach systematically explains how, in less than four decades China has evolved from a closed economy to the world's No. 1
exporting nation; why China, a developing country, has exported more high-technology products than labor-intensive products to the US;
and why almost half of the US trade deficit has originated from China.
The book identifies three spillover effects of GVCs that originated from brands, technology and product innovation, and distribution andretail networks of GVCs lead firms. It argues that China's deep integration with GVCs has been a decisive factor for China's emergence as
the world's No.1 exporting nation and the champion of high-technology exports. In addition, this book uses iPhone trade and theoperation of Apple, the largest factory-less American manufacturer, to explain how current trade statistics exaggerate China's exports toand its trade surplus with the US on the one hand, and underestimate US exports on the other hand.
By using the experience of the Chinese mobile phone industry, the book argues that the GVC strategy can be a short -cut for developing
countries to achieve industrialization and enable firms of developing countries to enter high -technology sectors despite their intrinsic
disadvantages. At this end, the book also discusses the future trajectory of China-centered GVCs under the shadow of the US-China trade
war and the COVID-19 pandemic.
Table of Contents

Introduction
Overview: China's Export Miracle: 1980–2018
GVCs: Catalyst of the Explosive Growth of China's Exports
The China–US Trade Imbalance from the GVC Perspective
Diminished Impact of the Yuan Exchange Rate on Trade Balances

Readership

Academics, policymakers, professionals, undergraduate
and graduate students interested in Chinese economy,
global value chains, China–US trade war, China–US tradebalance,internationaltrade,anddevelopmentaleconomics.

A Supportive Policy Environment: The Key to China's GVC Entry
The Chinese Mobile Phone Industry and Its GVC Strategy
Trade War and Pandemic: Dark Shadows over China-Centered GVCs
Get your copy athttps://doi.org/10.1142/12080
About the Author

Dr Yuqing Xing is a Professor of Economics of the National Graduate Institute for Policy Studies (GRIPS) in Tokyo. He served as the Directorof the Capacity Building and Training Department of the Asian Development Bank Institute from 2011 to 2014. He also held posi tions atWorld Institute for Development Economics Research, the Bank of Finland, and the East Asian Institute of the National University ofSingapore. He provided consulting services to Asian Development Bank, the International Monetary Fund and Japan International
Cooperation Agency.
Dr Xing's research focuses on global value chains, international trade, foreign direct investment, exchange rates, and Chinese economy. He
is a leading expert on global value chains. His research on the iPhone and the Sino–US trade balance has been discussed widely in theglobal mainstream media, challenging conventional views on bilateral trade statistics, and instigating a reform of trade statistics.
Dr Xing received his bachelor's and master's degrees from Peking University and his PhD in Economics from the University of I llinois atUrbana-Champaign.

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